FIR underlines cash deposits in Majithia’s firms

The Prevention of Corruption Act case registered against SAD leader Bikram Singh Majithia on Wednesday is based on an eight-page report submitted by a special investigation team (SIT) probing the December 20, 2021, drugs smuggling case registered against him on June 7. The report underlines deposits in the companies owned by Majithia after he became a minister.

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The SIT in its report has noted suspicious financial transactions as "Saraya suddenly acquired wealth and got Rs 161 crore deposited in bank accounts and Rs 141 crore through foreign entities. The said amount has no explanation or legitimate source. Rs 236 crore credited to the accounts of Saraya for which there is no disclosure/explanation in financial statements filed by Majithia," the SIT noted.

Further, it found that the companies were formed allegedly for the purpose of siphoning off funds and such shell companies were in control of dummy directors.

According to the FIR, "The evidence collected strongly points towards potential violation of Prevention of Corruption Act relating to possession of disproportionate assets and in view of the foregoing facts and circumstances, it is requested that a detailed investigation may be ordered into disproportionate assets of Majithia under relevant provisions of law".

The FIR further says that before becoming an MLA in 2007 Majithia had four firms —  Saraya Sugar Mills Limited (1956), Saraya Industries Limited (1980), Saraya Aviation Private Limited (1992) and Peregrine Saraya Organics Private Limited (1998). After becoming a minister in non-conventional energy in 2009, Majithia set up five power firms and one transport firm. The Vigilance Bureau focussed its investigation on these five power firms — Saraya Renewable Energy Private Limited, Gurdaspur Power Private Limited, Batala Power Private Limited, Ajnala Power Private Limited, Nawanshahr Power Private Limited — and a transport firm, Prime Air Ambulance Private Limited.