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Rs 32 lakh in cash, forex worth $ 10,000 seized from TMC MP's residence: ED

ANI | September 20, 2019 06:48 PM
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New Delhi [India], Sept 20 (ANI): The Enforcement Directorate (ED) on Friday claimed to have seized Rs 32 lakh in cash along with foreign exchange worth USD 10,000 from the official residence of Trinamool Congress (TMC) MP Kanwar Deep Singh here.

The agency had on Thursday conducted searches at Singh's residence here and various properties linked to him in New Delhi and Chandigarh in connection with the probe into a money laundering case.

"During the searches, a number of documents reflecting the circular nature of transactions, digital evidence and property documents were seized," the ED said in a statement.

"At the official residence of K D Singh in Delhi, cash of Rs 32 lakh along with foreign exchange worth 10,000 USD was found and seized," it said.

The probe was initiated pursuant to an FIR registered by Kolkata Police against him.

The agency alleged Singh, through companies -- Alchemist Township India Limited and Alchemist Holdings Limited -- raised a huge amount of money by luring thousands of customers in the garb of providing them with high returns on their investments.

According to the ED, the investigation revealed that the funds raised from the public were not used for the intended purpose and were siphoned off to the various group companies.

"Money so collected from the innocent public has been transferred in a circular manner in order to conceal and layer in a fraudulent manner," it said.

The agency is investigating another case against Alchemist Infra Realty Limited based on a prosecution complaint by the Securities and Exchange Board of India (SEBI) and has attached property worth Rs 239.29 crore. (ANI)

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