The Enforcement Directorate (ED) has arrested K.D. Singh, former TMC MP and industrialist in a money laundering case. Singh was arrested on Wednesday in connection with a Ponzi scam case allegedly involving Alchemist Infra Realty Limited. The company was accused of collecting over ?1,900 crore from investors through unauthorised means.
The money laundering case was initiated on the basis of a prosecution complaint filed by the Securities and Exchange Board of India (SEBI) against the company and its directors in March 2016. Singh headed the Alchemist Group till 2012.
The central agency had carried out searches at the premises of Singh and those linked to him in September, 2019 in connection with two PMLA cases. In January 2019, the agency attached assets worth Rs. 239.29 crore in the same case.