- KD Singh has been a Rajya Sabha MP from TMC
- ED confiscated many assets of KD Singh
- Singh arrested in money laundering case
Enforcement Directorate has arrested former Trinamool Congress (TMC) Rajya Sabha MP KD Singh (KD Singh) from Delhi in the money laundering case. In 2019, the Enforcement Directorate, in a major action in money laundering case, seized assets worth Rs 239 crore of KD Singh. ED has taken this action under the Money Laundering Act.
KD Singh’s confiscated property includes a resort at Kufri in Himachal Pradesh. Along with this, a showroom in Chandigarh including properties in Panchkula, Punjab and Haryana have also been seized. Apart from this, ED also seized bank accounts of HDFC and PNB of KD Singh.
The ED’s action was against the Alchemist Group of Companies, which is owned by KD Singh. It is alleged that this group recovered Rs 1900 crore from investors through various Ponzi schemes. The purpose for which the money was taken was not put into it. Instead, money was sent to other companies and land was purchased. Based on the SEBI report, ED had filed a case of money laundering.