Bikram Majithia in 7-day police remand, prosecutor reveals Rs 540 cr undisclosed asset details in court

SAD leader Bikram Singh Majithia was on Thursday sent to seven days of police remand in a Prevention of Corruption Act (PCA) case.

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The court order came two-and-a-half hours after Majithia was brought into the court complex.

Talking to the media outside court, Public Prosecutor Sofat said: "Bikram Singh Majithia's income of Rs 540 crore remains undisclosed, and he could not mention any details about it. Saraya Industries acquired wealth and got Rs 161 crore cash deposited in bank accounts and Rs 141 crore through foreign entities. There is no explanation or legitimate source for it. Rs 236 crore has been credited to the accounts of Saraya Industries for which there is no explanation in financial statements. His wife, Ganieve Kaur, an MLA, had also incorporated a firm with a seed capital of Rs 1 crore, earning a profit of around Rs 56 lakh in a year, but after that, there are no details of its operation. Majithia's threatening behaviour towards VB officials and the Punjab CM at his house and during the transit from Amritsar to Mohali was also brought to the notice of the court, after which seven-day remand was given."

The counsel said Majithia's firms' dealings with Cyprus and Singapore-based entities are suspicious, as they are considered to be tax havens, adding that Majithia's lawyer vehemently opposed the remand.

The Vigilance Bureau arrested Majithia from his Amritsar house on Wednesday and brought him to Mohali in the evening.

Officials said Majithia reportedly amassed properties worth Rs 540 crore, which are disproportionate to his income and expenses from 2007 to 2012.

Heavy police presence and barricading brought the administrative and judicial work to a standstill on Thursday morning.

Since morning, the area bore a deserted look as barricading restricted entry of visitors to the area.