ED seized immovable properties of Punjab Congress MLA’s firm
Kanwar Inder Singh/ royalpatiala.in News/ April 3,2025
Directorate of Enforcement (ED), Jalandhar has seized immovable properties worth Rs. 22.02 Crore of M/s Rana Sugars Ltd under section 37A of the Foreign Exchange Management Act (FEMA), 1999 for holding foreign exchange outside India in contravention of Section 4 of FEMA,1999.
Rana Sugars Ltd, is owned and managed by Kapurthala MLA and senior Congress leader Rana Gurjit Singh and his son and Sultanpur Lodhi MLA Inder Pratap Singh Rana, who is managing director and promoter of Rana Sugar Limited (RSL), and other family members as chairman and promoters.
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ED initiated investigation under the provisions of FEMA, 1999 against M/s Rana Sugars Ltd, its promoters, Directors & others in connection with issuance of Global Depository Receipts (GDRs) and non-utilisation of entire GDR proceeds for its intended bona-fide purpose.
ED investigation revealed that out of total GDR receipts, M/s Rana Sugars Ltd did not repatriated entire GDR proceeds to India and held GDR proceeds to the tune of USD 2.56 Million ( INR 22.02 Crore) outside India in contravention of section 4 of FEMA,1999.
Further investigation is under progress.
In February this year, Income Tax (IT) department had raided the residence of Congress MLA from Kapurthala, Rana Gurjit Singh Chandigarh , Kapurthala residences along with other locations.
The immediate reason of Income Tax raid at Rana’s residence is not known. But in August last year the Securities and Exchange Board of India (SEBI) had imposed a penalty of Rs 63 crore on Rana Sugar Limited (RSL) on the alleged charges of diversion of funds to its conduit and individual entities.
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