38.6c New Delhi, India, Monday, November 28, 2022
Top Stories
Interviews Know The Law Book Reviews Videos
About Us Contact Us
Business

Another businessman trying to flee India: SEBI to Calcutta HC

By Lawstreet News Network      Aug 02, 2018      0 Comments      987 Views
Another businessman trying to flee India: SEBI to Calcutta HC

After a thorough investigation, Securities and Exchange Board of India (SEBI) told the Calcutta High Court that Alchemist Group chairman K D Singh is trying to siphon off money which was deposited by innocent investors to tax havens, including for purchasing strip clubs and vacation homes abroad.

On Wednesday, August 1st, 2018 SEBI approached division bench of Justice Aniruddha Bose and Justice Joymalyo Bagchi with a plea that court should direct competent agencies to investigate the matter.

SEBI claimed that K D Singh, a businessman had a deal with a Greek business owner where he created a new entity in Cyprus and 10 million euro has been kept in an escrow account till the Greek company's ownership is transferred to Cyprus.

The Application which was submitted by Securities and Exchange Board of India said "K D Singh is in the process of siphoning off around USD 100 million, earned by way of duping the innocent public in the guise of fake deposit scheme, in buying companies abroad via tax havens," and prayed for an order by the bench directing competent agencies to recover the money from Singh and hand over to a one-man committee as directed by the high court on December 21, 2017.

The bench has posted the matter for further hearing on August 6.



Tags:
Securities and Exchange Board of India
Share this article:


Lawstreet News Network
Editor
     



Leave a feedback about this




Related Posts
View All

TRENDING NEWS


TOP STORIES


ADVERTISEMENT


Lawstreet Advertisement

Signup for Our Newsletter

Get Exclusive access to members only content by email