ED Seizes Assets Worth Rs 22.02 Crore from Congress MLA Rana Gurjit Singh

The Enforcement Directorate (ED) has seized assets worth Rs 22.02 crore belonging to Punjab Congress MLA from Kapurthala, Rana Gurjit Singh, and his son, Rana Inder Pratap Singh, who is an independent MLA from Sultanpur Lodhi. The seized property is linked to their company, Rana Sugars Limited.

This action was taken by the Jalandhar office of the ED in connection with a case involving violations of the Foreign Exchange Management Act (FEMA). The ED alleges that Rana Sugars Limited held funds abroad without informing the Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI) about funds raised under Global Depository Receipts (GDRs), which constitutes a violation of FEMA. The investigation is currently ongoing.