Is Akali Dal Leader Majithia in Hot Water with a Seven-Day Remand?

Chandigarh, June 26 (NationPress) Following his apprehension by the Punjab Vigilance Bureau, a Mohali court has placed Shiromani Akali Dal leader Bikram Singh Majithia in a seven-day vigilance remand, with allegations of laundering over Rs 540 crore in drug money. Public prosecutor Ferry Sofat informed the media that the court was made aware of Majithia's alleged threats directed at the vigilance team during a raid at his residence.

The court's decision mandates Majithia's appearance on July 2 after he was remanded for a week. The vigilance bureau initially sought a 12-day remand for the accused.

Sofat stated that Majithia's income of Rs 540 crore is undisclosed, and he failed to provide any clarifying details. His enterprise, Saraya Industries, reportedly accumulated wealth including Rs 161 crore in cash and Rs 141 crore via foreign entities, lacking any legitimate source of income. Additionally, Rs 236 crore has been credited to Saraya's accounts without any explanation in financial records.

It was also revealed that Majithia's spouse, Ganieve Kaur, established a firm with a starting capital of Rs 1 crore, which reportedly made a profit of approximately Rs 56 lakh annually, yet details about its operations are absent.

During the transit from Amritsar to Mohali, Majithia's threatening actions were noted, prompting the court to impose a seven-day remand.

The prosecutor highlighted that Majithia's business dealings with entities based in Cyprus and Singapore, both recognized as tax havens, raise suspicion.

Majithia was arrested at his residence located in a high-end area of Amritsar.

Investigations led by the Special Investigation Team (SIT) concerning a 2021 FIR revealed extensive laundering of drug money involving Majithia, as confirmed by the government on Wednesday.

Initial investigations show that over Rs 540 crore in drug money was laundered through various methods, including unaccounted cash deposits of Rs 161 crore in companies owned by Majithia, channeling Rs 141 crore through questionable foreign entities, and an excess of Rs 236 crore in company financial statements without disclosure.

Furthermore, there is evidence of Majithia acquiring both movable and immovable assets without any legitimate income source.

A spokesperson from the Vigilance Bureau stated that a case has been registered based on the SIT report under Sections 25, 27-A, and 29 of the Narcotic Drugs and Psychotropic Substances Act, uncovering substantial evidence of widespread laundering of drug money by Majithia.

The bureau is currently investigating these transactions, which indicate that the funds were allegedly laundered and funneled into Saraya Industries by Majithia.

So far, the government has tracked Rs 540 crore of drug money generated illegally, leveraging Majithia's influence as a public servant, legislator, and former Cabinet member of the state government.