Former TMC MP KD Singh has been arrested by the Enforcement Directorate in the money laundering case. Former Rajya Sabha MP and businessman KD Singh has been arrested in an alleged money laundering case. The arresting agency, the Enforcement Directorate, had earlier conducted a search in connection with the investigation of the Alchemist Group case in 2019. Singh, the founder of the alchemist group, was its chairman until 2012. He is currently its Chairman Emeritus. The agency has arrested him in two money laundering cases related to the 1,900 crore scam.
In January 2019, the agency attached assets worth 239 crore of the firm. The agency has alleged that the company launched an illegal collective investment scheme and collected around Rs 1,916 crore from the public by 2015. The investigation of the case started in 2016.
In April 2014, KD Singh was elected to the Rajya Sabha on a Trinamool Congress ticket but was sidelined in the party after the scandal surfaced. His term ended in April last year. Senior Trinamool leader Saugata Roy said the party has no relation with KD Singh now.
He said, « It is true that KD Singh ran a chit fund for alchemists. It is true that at one time he was a member of Rajya Sabha from Trinamool. But the party has not had any relationship with KD Singh for the last two years. «
He said, « I hope the Enforcement Directorate has acted as per law. We should ensure that CBI and ED are not misused. But at the same time they also have their own legal rights. «
Asked whether the two agencies have been misused, Roy said, « I know that BJP can use CBI and ED for political purposes. We are political people. We will face whoever comes before us. «
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