ED seizes Rs 22-crore properties of Rana Sugars

The Directorate of Enforcement (ED) has seized immovable properties worth Rs 22.02 crore of Rana Sugars Limited for holding foreign exchange outside India in contravention of Section 4 of the Foreign Exchange Management Act (FEMA).

Advertisement

Rana Inder Partap Singh, Independent MLA from Sultanpur Lodhi and son of Congress’ Kapurthala MLA Rana Gurjeet Singh, is the MD of the company.

The agency has been pursuing the case against Rana Sugars Limited, its promoters, directors and others in connection with the issuance of global depository receipts (GDRs) and non-utilisation of entire proceeds for its intended bona-fide purpose.

The ED investigation revealed that out of total GDR receipts, Rana Sugars Limited did not transfer the entire GDR proceeds to India and held $2.56 million (Rs 22.02 crore) out of these outside the country. The ED had been probing the case since December 2017.