Ponzi scam accused Trinamool MP siphoned off huge amount of money to Europe: Sebi to Calcutta high court | kolkata | Hindustan Times
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Ponzi scam accused Trinamool MP siphoned off huge amount of money to Europe: Sebi to Calcutta high court

The Securities and Exchange Board of India (Sebi) told Calcutta high court on Wednesday that it has enough evidence to show that Trinamool Congress MP KD Singh has siphoned off huge amount of money to Europe and was planning to set up businesses there with help of a Mumbai-based group.

kolkata Updated: Aug 01, 2018 23:22 IST
Ponzi scam,Trinamool,Sebi
The Sebi disclosure was part of the ongoing probe into the Rs 25,000 crore ponzi scam allegedly run by the Alchemist group of companies owned by Trinamool Congress MP KD Singh. (Picture for representation)

The Securities and Exchange Board of India (Sebi) told the Calcutta high court on Wednesday that it has gathered enough evidence to show that Alchemist Group chairman and Trinamool Congress MP KD Singh has siphoned off a huge amount of money to Europe and was planning to set up several businesses there with the help of a Mumbai-based business house.

The Sebi disclosure was part of the ongoing probe into the Rs 25,000 crore ponzi scam allegedly run by the Alchemist Group of companies owned by Singh. Sebi’s lawyer PK Dutta told the court that his client does not want to make the sensitive information public and will hence submit its report in a sealed envelope on Monday.

“Sebi does not want the defendant to have access to the report,” Dutta told the court. In a petition filed on July 25, Sebi first informed the court that a huge amount of money has been allegedly siphoned off to foreign countries by the Alchemist group.

A copy of the petition is in possession of HT. The document names 12 companies owned by Singh. Though he is a Rajya Sabha member from Trinamool Congress, the party disassociated itself from Singh more than a year ago.

The petition was filed in response to a case filed by lawyer Arindam Das on behalf of hundreds of investors from West Bengal who lost their money. Alchemist shut its offices in Bengal and other states a year ago, Das said.

First Published: Aug 01, 2018 23:22 IST