Tuesday, March 9, 2021
Home News Reports Tehelka promoter and TMC leader KD Singh arrested by the Enforcement Directorate in Alchemist...

Tehelka promoter and TMC leader KD Singh arrested by the Enforcement Directorate in Alchemist Group money laundering case

A criminal case was filed against KD Singh by the ED under PMLA based on a charge sheet lodged by SEBI against the Alchemist Group Company owned by Singh

Tehelka promoter and former TMC Rajya Sabha MP KD Singh was on Wednesday arrested by the Enforcement Directorate (ED) in connection with a money laundering case.

Singh’s arrest is related to Enforcement Directorate probe that was launched in September 2016 against him and a company (Ms Alchemist Infra Realty Limited) linked to him. A criminal case was filed against him under the PMLA, on the basis of a charge sheet lodged against the company, its directors and others by the market watchdog SEBI.

In a statement released by the ED in January 2019, the agency had stated that its probe revealed that the proceeds of the crime generated by Alchemist Infra Realty Ltd were routed through a web of shell companies.

The investigation also found that the funds sought by the firms from various investors were never used for the purpose for which they were mobilised and the same were transferred to the bank accounts of other companies which were nothing but shell companies. The siphoned off funds were later used to buy properties at various locations in India, the ED said.

Alchemist Group involved in running ponzi chit fund scheme without seeking approval from SEBI

The ED has also alleged that the company had launched an illegal collective investment scheme and mobilised funds of about Rs 1,916 crores from the public in the years preceding 2015. The firm had allegedly launched the scheme without seeking approval from the SEBI and thereby led to cheating of unsuspecting investors.

In 2015, the firm had informed the SEBI that it had refunded Rs 1,077 crores after the market watchdog probe and sought more time to return the rest of the amount. However, SEBI turned down its request and later filed a charge sheet in the case in March 2016.

KD Singh’s connection with beleaguered Tehelka magazine

It is noteworthy to mention that KD Singh was also associated with Tehelka magazine, whose editor-in-chief Tarun Tejpal is mired in a sexual assault case. The case had come to fore in 2013 when one of the staffers of the organisations had levelled allegations of rape against Tejpal.

Soon after the allegations surfaced against Tarun Tejpal, Kanwar Deep Singh tried to distance himself with the organisation, stating that he had nothing to do with the firm and was just a promoter. At the time of the incident, Tehelka was owned by Anant Media Pvt Ltd., a subsidiary of the KDS Corporation, a company controlled by KD Singh.

However, according to details available, about 65.75% of the Anant Media Pvt Ltd was owned by Royal Building and Infrastructure Ltd, a company owned by KDS Corporation, which in turn was controlled by the then Trinamool Congress’s Rajya Sabha MP and industrialist KD Singh. KDS Corporation owned 85% in the Royal Building and Infrastructure Ltd.

A year after the sexual assault allegations were levelled against Tarun Tejpal, KD Singh, in an interview with the Quartz in December 2014 said that he owned 70-80 per cent of the shares and reposed his faith in the magazine, stating that the firm can make a comeback and do the stories that it was known to pursue.

“I think it was a wise decision to stay by the magazine and believe that the magazine could get back on track and do the kind of hard-hitting stories that we have always done,” Singh had then said.

  Support Us  

Whether NDTV or 'The Wire', they never have to worry about funds. In name of saving democracy, they get money from various sources. We need your support to fight them. Please contribute whatever you can afford

OpIndia Staffhttps://www.opindia.com
Staff reporter at OpIndia

Related Articles

Trending now

‘Good’ unbelievers like Mother Teresa will go to hell because they are not Muslim, declares Islamist Zakir Naik

Hate preacher Zakir Naik claimed that Christian evangelist Mother Teresa will go to Hell by virtue of being a non-Muslim.

What is Blue Anon? A term for conspiracy theorists that was recently removed by Urban Dictionary from its platform

Blue Anon is term used to describe left wingers that peddle Trump-centric delusional conspiracy theories.

Will he join politics or won’t he?: ‘It is all about opportunities’, said Sourav Ganguly in his interview with Republic Bangla

"Politics is not bad. We had (have) the greatest of leaders in the country who influence the population," Sourav Ganguly pointed out.

‘Two Pakistani ministers were locked up in a container for 4 hours to pressurise them to vote in favour of Imran Khan’: Maryam Nawaz

Maryam Nawaz accuses Imran Khan of using illicit means to secure his government from a collapse

China’s two-pronged approach to change global perception while whitewashing its atrocities on Uyghur Muslims

With the combined power of influencing intellectuals and prominent people and getting into confrontational mode, China is trying to influence the global perception and whitewashing its atrocities.

AIMIM chief Asaduddin Owaisi fumes after UP CM Yogi Adityanath calls Secularism the biggest threat to Indian tradition

Days after Yogi Adityanath termed secularism as the biggest threat facing the country’s traditions, AIMIM Chief Asaduddin Owaisi raved against Yogi

Recently Popular

Fact-Check: Has BJP opened a ‘branch’ in Sri Lanka too? Know what is ‘Sri Lanka Bharatiya Janata Party’

An image has gone viral on the internet with claims that the Bharatiya Janata Party, the ruling political party in India, has launched a 'branch' in Sri Lanka.

Pakistanis offended after China’s Cultural Counsellor of Chinese embassy in Pakistan tweets asking women to remove hijab to ‘see their eyes’

Zhang Heqing, Chinese official in Pakistan, urged women to remove their hijab so he could see their eyes

‘Women belong in the Kitchen,’ declares Burger King on Women’s Day, hits back at KFC for criticising campaign for gender equality

Burger King generated quite the controversy on International Women's Day after declaring that "Women belong in the kitchen."

Woman heard crying in Sonia Gandhi’s house after Delhi Court convicts Ariz Khan in Batla House encounter case

A Delhi Court has ruled that Ariz Khan is guilty in the Batla House Encounter case, years after Sonia Gandhi had cried.

From Naxalism to ‘Disco Dancer’ to politics: How the death of his brother completely changed Mithun Chakraborty’s life

Mithun Chakraborty left Naxal movement after his brother's tragic death in a freak accidence and ended in the film industry.

‘Aren’t fake 33 cr Gods enough’: Abusive tweets of AAP MLA go viral, while Netizens demand ouster, MLA peddles ‘hacked theory

The AAP MLA Virender Singh Kadian then made his account private and later deleted it, in the hopes of not exposing himself further.
- Advertisement -

 

Connect with us

253,312FansLike
522,742FollowersFollow
23,900SubscribersSubscribe