Enforcement Directorate’s vigilance paid off handsomely as NCLT dismantled Alchemist Limited’s insolvency proceedings on February 3. The order unmasks a calculated fraud to launder illicit gains and circumvent asset attachments.
Investors poured ₹1,840 crore into Alchemist’s realty mirage—plots, villas, assured returns. Reality: zero delivery, funds rerouted as ICDs to group linchpin Alchemist Limited.
ED clamped down, attaching ₹492.72 crore and lodging complaints through 2025. Sai Tech’s Section 9 petition birthed CIRP, but CoC was group puppets—97% sway by accused Technology Parks, plus Township and Realty arms.
The scheme exploited IBC Section 32A for asset relief and RP Gaurav Mishra (group insider) ensured rigged oversight. ED’s procedural snub proved intent.
Tribunal ruled decisively: IBC aids honest resolutions, not crime whitening or PMLA evasion. Section 65 axed the fraud-tainted process, rescinded moratorium and RP mandate, fined Sai Tech ₹5 lakh.
This precedent cements IBC-PMLA coexistence, bans cross-sabotage. It champions investor rights, deters fraud, and empowers enforcement in India’s corporate battleground.