New Delhi, Apr 6 (ILNS) A Delhi Court today granted bail to former AITC Rajya Sabha MP K D Singh in a money laundering case.
Special CBI Judge Geetanjali Goyal at the Rouse Avenue Court granted bail to the Trinamool Congress leader on a bail bond of Rs five lakh and two sureties of the like amount.
On March 26, the Court had taken cognisance of the charge sheet filed by the Enforcement Directorate (ED) in the money laundering case against Singh and issued summons to all the accused for appearing before it on April 6.
The Bench had taken cognisance of the complaint filed by the financial watchdogs against two individuals, including Singh and six companies, including M/s Alchemist Township India Ltd and M/s Alchemist Holdings Ltd.
The ED had arrested former Alchemist Group chief KD Singh in a Ponzi scheme case from his house in Delhi on January 14. The agency said it suspected that the former MP in the Rajya Sabha from the Mamata Banerjee-led party had transferred more than 15 million dollars out of India and was in the process of moving his business to another country.
Singh had been on the radar of various investigating agencies, including the CBI and ED, for years. His company was part of the several Ponzi companies, including Saradha, which the CBI has been investigating since 2014. He had stepped down as the chairman of the Alchemist Group in 2013, and is now its emeritus chairman.
According to a 2018 inquiry by the Securities and Exchange Board of India (SEBI), based on market audits, the company had collected money on the promise of better returns from around 25 lakh people in various states.
The Kolkata Police had formed a special investigation team in 2017 to probe Singh and the group. But there has been no headway. The CBI, according to the Calcutta High Court, will also look into why no investigation was conducted. As alleged in the Saradha case, it would ascertain whether there was pressure from the state government to drop the case. ILNS/ANB/SNG/RJ