Chandigarh, June 26 A day after his arrest by the Punjab Vigilance Bureau, a court in Mohali on Thursday sent Shiromani Akali Dal leader Bikram Singh Majithia to a seven-day vigilance remand for allegedly laundering more than Rs 540 crore of "drug money".
Public prosecutor Ferry Sofat told the media that it was brought to the notice of the court that Majithia allegedly "threatened" the vigilance team when it raided his residence.
The court sent Majithia to a seven-day vigilance remand, and he would now be produced before the court on July 2.
The bureau demanded a 12-day remand for the accused.
Sofat said Majithia's income of Rs 540 crore "remains undisclosed, and he could not provide any details about it. Saraya Industries (his company) acquired wealth and got Rs 161 crore cash deposited in bank accounts and Rs 141 crore through foreign entities. There is no explanation or legitimate source for it. A sum of Rs 236 crore has been credited to the accounts of Saraya for which there is no explanation in the financial statements".
Sofat said Majithia's wife, Ganieve Kaur, had also incorporated a firm with a seed capital of Rs 1 crore, earning a profit of around Rs 56 lakh in a year, but after that, there are no details of its operation.
He said Majithia's "threatening" behaviour during the transit from Amritsar to Mohali was also brought to the notice of the court, after which he was sent to a seven-day remand.
The prosecutor said Majithia's firms' dealings with Cyprus and Singapore-based entities "are suspicious as they are considered to be tax havens".
The Punjab Vigilance arrested Majithia from his residence in a posh locality in Amritsar city.
Investigations by the Special Investigation Team (SIT) of the police probing the first information report (FIR) of 2021 and the Vigilance Bureau revealed massive laundering of "drug money" facilitated by Majithia, the government said on Wednesday.
Preliminary investigations revealed that more than Rs 540 crore "drug money" has been laundered through several ways, including a huge unaccounted cash of Rs 161 crore deposited in bank accounts of companies controlled by Majithia, channelisation of Rs 141 crore through suspected foreign entities and excess deposition of Rs 236 crore without disclosure or explanation in company financial statements.
Also, the government said there is an acquisition of movable and immovable assets by Majithia without any legitimate source of income.
A Vigilance Bureau spokesperson told the media that it has registered a case based on a report of the Special Investigation Team (SIT) registered under Sections 25, 27-A and 29 of the Narcotic Drugs and Psychotropic Substances Act, wherein substantial evidence has been uncovered indicating massive laundering of "drug money" by Majithia.
These transactions are being investigated by the bureau, and the investigations done indicate that these funds were laundered and funnelled into Saraya Industries, allegedly by Majithia.
The spokesperson said Rs 540 crore "drug money" has been tracked so far as having been generated illegally and by using the influence of Majithia as a public servant, a legislator and a Cabinet member in the previous state government.
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