Majithia case: Badal dares CM Mann to show overseas funding by Saraya Industries

Lashing out on the Aam Aadmi Party authorities for arresting Majithia, Badal stated {that a} case was registered in opposition to the previous Akali minister as a result of he was “constantly exposing” the Mann dispensation over numerous points.

The Punjab Vigilance Bureau arrested Majithia on June 25 in a disproportionate property case allegedly involving laundering of ₹540 crore “drug money”.

The Vigilance Bureau claimed the preliminary investigations revealed that greater than ₹540 crore of drug cash was laundered by a number of channels allegedly facilitated by Majithia, who’s the brother-in-law of the SAD president.

It included large unaccounted money price ₹161 crore deposited in financial institution accounts of firms managed by Majithia, channelisation of ₹141 crore by suspected overseas entities, extra deposition of ₹236 crore with out disclosure or rationalization in firm monetary statements and acquisition of movable and immovable property by Majithia with none reliable sources of earnings.

Addressing the media right here, the SAD chief trashed the Vigilance Bureau’s claims in opposition to Majithia concerning the disproportionate property.

“The only foreign funding received by Saraya Industries was in March, 2006 when it received ₹35 crore from the US-based Clearwater Corporation in exchange for 25 per cent shares in the company. Majithia entered politics only in 2007,” stated Badal.

“Clearwater Corporation, which had offices in several countries, had invested ₹50,000 crore globally. All money invested by this company through the NBFC in Saraya Industries was done after due clearance from the Reserve Bank of India and approval of the Foreign Investment Promotion Board ,” he added.

Badal additionally stated that each one transactions of Saraya Industries had been scrutinized and accepted by the Income Tax division.

“This clearly proves that claims of an investment of ₹540 crore into Saraya Industries through foreign funding are absurd and malicious and being done with the sole purpose of defaming Majithia,” he added.

The SAD chief additionally clarified that each one money transactions accomplished by Saraya Industries whereas procuring sugarcane and conducting distillery enterprise had additionally been scrutinized by the Income Tax division.

Badal said that Saraya Industries Ltd was a personal restricted firm deemed to be a public restricted firm and was a special entity from Majithia and couldn’t be related to the latter.

“Majithia has no control over the company’s day-to-day functioning,” he stated.

Badal accused Chief Minister Mann of pressurizing the state police chief to register a case in opposition to Majithia.

The SAD chief claimed that no investigation had been accomplished earlier than registering the case.

“The Vigilance department did not deem it fit to issue a questionnaire to Majithia which is a prerequisite before filing such a case,” he stated.

Badal stated an affidavit, which the federal government had submitted to the Supreme Court in 2023 whereas interesting for cancellation of the common bail given to Majithia and searching for his custodial interrogation within the 2021 drug case, was used “verbatim” to register this new case in opposition to him.

“This was done despite the fact that the Supreme Court rejected the affidavit in April this year and refused to overturn the regular bail given to Majithia by the high court or grant the request for custodial interrogation. The apex court even asked the A government to complete the probe in two days following which it has now taken this new route to engage in political vendetta,” he claimed.

The SAD president additionally condemned the style through which retired officers former DGP Siddharth Chattopadhyaya and former deputy director of Enforcement Directorate Niranjan Singh had been referred to as by the Vigilance Bureau to share info concerning the drug case.

Terming your entire case as “illegal and a willful fabrication”, Badal stated, “We will go to people and expose the A government.”

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