ED attaches Rs 22.02 crore worth of Rana Sugars’ properties over FEMA violation

Jalandhar: The Enforcement Directorate (ED) in Jalandhar has attached immovable properties worth Rs 22.02 crore belonging to Rana Sugars Limited for allegedly holding foreign currency outside India in violation of Section 4 of the Foreign Exchange Management Act (FEMA).

Rana Inder Partap Singh, the managing director of the company, is the son of Independent MLA from Sultanpur Lodhi and Congress MLA from Kapurthala, Rana Gurjit Singh.

The ED took action under Section 37A of FEMA while investigating the company, its promoters, directors, and others for issuing global depository receipts (GDRs) and failing to utilise the entire proceeds for their intended purpose.