Kolkata: The Kolkata Police has formed a Special Investigation Team (SIT) to probe a case of cheating investors of Rs 2.53 crore allegedly by three companies of Alchemist group, owned by Rajya Sabha MP KD Singh.

According to sources, the Kolkata Police formed the SIT to probe the fraud charges against the Alchemist group after an FIR was registered against three officials of the companies on March 16.

Acting on investors' complaints, a case was registered against three companies of the group at Bowbazar police station, he said.

There are allegations against the group of cheating investors of Rs 2.53 crore, the officer said.

Singh and two other directors of the companies - Kumarjit Singh and Pawan Verma have been booked on the charge of cheating, breach of trust and criminal conspiracy, a senior officer of Kolkata Police said.

Singh's name has surfaced in the Narada sting operation case after Narada News CEO Mathew Samuel claimed that the Rajya Sabha MP had given him Rs 80 lakh for the sting operation.