KD Singh arrested in alleged Rs 1900 Crores Scam
Former Rajya Sabha member and businessman K D Singh has been taken into custody in connection with an alleged money laundering case. According to official sources, the action follows an investigation conducted by the Enforcement Directorate (ED) into financial dealings linked to the Alchemist Group.
The agency had reportedly identified Singh’s alleged involvement during its probe in 2019. The investigation pertains to two money laundering cases said to be associated with an alleged investment scheme involving approximately ₹1,900 crore.
Singh is the founder of the Alchemist Group and served as its chairman until 2012. Authorities are examining financial transactions related to the company as part of their ongoing inquiry.
Political Reactions
Senior leader of the All India Trinamool Congress, Sougata Roy, stated that he currently has no association with Singh. He expressed hope that investigative agencies would proceed in accordance with the law and affirmed cooperation with authorities under the provisions of the Prevention of Money Laundering Act.
Alleged ₹1,900 Crore Investment Scheme
Investigators allege that the Alchemist Group operated an unauthorized collective investment scheme that mobilized around ₹1,916 crore from investors up to 2015. Reports indicate that, as of January 2019, the company’s declared net worth stood at approximately ₹239 crore.
The investigation into the matter began in 2016 and has continued since then.
Political Background
K D Singh was associated with the All India Trinamool Congress and was elected to the Rajya Sabha in April 2014. His term concluded in April at the end of his tenure.
