KD Sigh was elected to Rajya Sabha on a Trinamool Congress ballot in April 2014
New Delhi:
Former Rajya Sabha MP and businessman KD Singh has been arrested in connection with an alleged money laundering case, sources said. The Enforcement Directorate, which made the arrest, searched its premises in 2019 in connection with the investigations into the Alchemist Group case.
Mr. Singh, founder of the Alchemist group, was its president until 2012. He is currently its president emeritus. The agency is investigating it as part of two money laundering cases related to an alleged Rs 1.9 billion Ponzi scam.
In January 2019, the agency attached the company’s assets valued at more than Rs 239 million. The agency has alleged that the company launched an illegal collective investment scheme and raised around Rs 1,916 crore from the public until 2015. The investigation into the case began in 2016.
KD Sigh was elected to Rajya Sabha on a Trinamool Congressional ballot in April 2014, but was sidelined in the party after the scam emerged. His term ended in April of last year.
Trinamool senior leader Sougata Roy said the party has no connection to KD Singh now.
“It is true that KD Singh made a find for Alchemist. It is true that at one point he was a member of Trinamool’s Rajya Sabha. But the party has had no connection with KD Singh for the past two years.” Mr Roy said.
“I hope that the Enforcement Directorate acted in accordance with the law, that is, the Money Laundering Prevention Act. We must ensure that the CBI and ED are not misused. But at the same time, they have their rights. They have their powers according to the law, “he added.
When asked if there was any misuse of powers by the two agencies, Roy said: “I am not concerned, but I know that the BJP is not above using the CBI and ED for political purposes. We have no apprehension, We are political people and we will face everything that comes our way ”.
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