Chandigarh April 3, 2025 (Bharat Khabarnama Bureau) The Enforcement Directorate (ED), Jalandhar, has seized immovable properties worth Rs 22.02 crore belonging to Rana Sugars Ltd under Section 37A of the Foreign Exchange Management Act (FEMA), 1999. The action was taken for holding foreign exchange outside India in violation of Section 4 of FEMA.
Rana Sugars Ltd is owned and managed by Kapurthala MLA and senior Congress leader Rana Gurjit Singh, his son and Sultanpur Lodhi MLA Inder Pratap Singh Rana, who serves as the company’s Managing Director and promoter, along with other family members holding key positions.
The ED initiated an investigation under FEMA against Rana Sugars Ltd, its promoters, and directors regarding the issuance of Global Depository Receipts (GDRs) and the alleged misuse of funds. The probe revealed that the company failed to repatriate the entire GDR proceeds to India, retaining USD 2.56 million (Rs 22.02 crore) abroad illegally.
This is not the first regulatory action against the company. In August 2024, SEBI had barred Rana Sugars’ promoters, including Inder Pratap Singh Rana, Ranjit Singh Rana (Chairman), Veer Pratap Singh Rana (MD), and other family members, from the securities market for two years. The market regulator also imposed a Rs 63 crore fine on them for fund diversion and prohibited them from holding directorial positions in any listed company during the ban period.
Additionally, SEBI directed Rana Sugars to recover Rs 607 crore from related entities, comprising Rs 339 crore in receivables and Rs 268 crore in interest dues.
The ED’s latest action adds to the legal troubles of the Rana family, which has been under scrutiny in previous cases, including a sand mining investigation involving Rana Gurjit Singh in 2021. With the probe still ongoing, further action cannot be ruled out.
