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Home / Punjab / Ed Seizes 22 Crore Properties Of Rana Sugars

ED seizes Rs 22-crore properties of Rana Sugars

Tribune News Service
Jalandhar, Updated At : 02:00 AM Apr 05, 2025 IST

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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).

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

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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.

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