Chandigarh, June 25 (UNI) Investigations by the Special Investigation Team (SIT) and the Vigilance Bureau (VB) have revealed massive laundering of drug money worth Rs 540 crore facilitated allegedly by former minister Bikram Singh Majithia.
Preliminary investigations revealed that more than Rs 540 crore of drug money has been laundered through several ways, including unaccounted cash worth Rs 161 crore deposited in bank accounts of companies controlled by Majithia, channelization of Rs 141 crore through suspected foreign entities, excess deposition of Rs 236 crore without disclosure/explanation in company financial statements, acquisition of movable/immovable assets by without any legitimate source of income.
A Punjab VB spokesperson stated here today that the VB has registered a case based on a report of the Special Investigation Team (SIT) investigating First Information Report registered under Sections 25, 27-A and 29 of NDPS Act at PS Punjab State Crime, SAS Nagar on December 20, 2021, wherein substantial evidence has been uncovered indicating massive laundering of drug money by Majithia.
These transactions are being investigated by the VB and the investigations done by the SIT clearly indicate that these funds were funneled into Saraya Industries facilitated by Majithia.
He added that so far, drug money worth Rs 540 crore has been tracked as having been generated illegally and by using the influence of MLA Majithia, who held a Cabinet post in erstwhile Punjab government.
The VB spokesperson stated that assets, including both immovable/movable in the name of Majithiaand his wife Genieve Kaur have increased substantially, for which no legitimate source of income has been provided.
According to the VB spokesperson, searches and seizures have been conducted by the SIT and the VB at three locations, which have yielded over 30 mobile phones and five laptops, three I-pads, two Desktops, several Diaries, many property documents and many documents of Saraya Industries.
He stated that Majithia has been arrested by the VB in accordance with law after following due procedure.
Investigations are ongoing and more arrests, searches and seizures would take place.
The investigations would be taken to their logical conclusion by submitting all collected evidence beforethe court of competent jurisdiction for judicial verdict.
UNI GS SS