The Enforcement Directorate has attached assets worth ₹. 239.29 crore as part of the money laundering probe against Alchemist Infra Realty Limited.
The properties are located in Chandigarh, Panchkula, Derabassi and SAS Nagar (Punjab) and in Shimla. The funds, kept in two bank accounts, have also been attached.
The ED initiated the investigation 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.
"Investigation conducted by the ED revealed that the proceeds of crime generated by Alchemist Infra Realty were laundered through a web of companies. The funds mobilised by the company from various investors were never utilised for the purpose for which they were collected and the same were transferred to the bank accounts of other group companies which were mainly paper firms," alleged the agency.
It is alleged that the funds they were then systematically siphoned off by the accused and used to purchase properties at various locations in the country.
ED had earlier summoned businessman K.D. Singh, who headed the Alchemist Group till 2012, in connection with the case allegedly involving a Ponzi scheme.
