Property worth Rs 22.02 crore of Rana Sugars Limited seized in Kapurthala, Jalandhar ED takes action

News punjab

4 April 2025

The Jalandhar ED team has seized immovable property worth Rs 22.02 crore of Rana Sugars Limited under Section 37A of the Foreign Exchange Management Act (FEMA) 1999.

 It is being told that Congress MLA from Kapurthala Rana Gurjit Singh and MLA from Sultanpur Lodhi Rana Inder Pratap Singh are the owners of this company. Both the MLAs and other family members are shareholders of the company.

 A statement issued by the ED late last night said that the federal agency has initiated an investigation under the provisions of FEMA against the promoters, directors and shareholders of Rana Sugars Limited for issuing Global Depository Receipts (GDRs) and not using the entire GDR process for its original purpose.The ED investigation has revealed that out of the total GDR proceeds, Rana Sugars Limited did not bring back all the GDR proceeds to India. Due to which the sugar mill kept GDR proceeds worth US$ 2.56 million (Rs 22.02 crore) outside India in violation of Section 4 of FEMA 1999.