In a joint investigation into a money laundering case, a special investigation team (SIT) and the Vigilance Bureau of Punjab found large-scale laundering of drug money allegedly facilitated by Senior SAD leader Bikram Singh Majithia.
In a statement on Wednesday, the vigilance bureau said preliminary findings indicate that over ₹540 crore of illicit funds have been laundered through multiple channels, including unaccounted cash deposits of ₹161 crore into bank accounts of companies controlled by Bikram Singh Majithia, channelization of ₹141 crore through suspected foreign entities, excess deposits of ₹236 crore without disclosure or explanation in company financial statements.
The former cabinet minister has also been charged with acquisition of movable and immovable assets without any declared legitimate source of income.
A spokesperson for the Punjab Vigilance Bureau stated that a case has been registered based on a detailed report by the SIT on an FIR registered under Sections 25, 27-A, and 29 of the NDPS Act, 1985. Substantial evidence has emerged suggesting extensive laundering of drug money by Bikram Singh Majithia, he said.
According to the statement, the investigations indicate that these laundered funds were funnelled into Saraya Industries, with Bikram Singh Majithia playing a central role. The spokesperson further revealed that Majithia allegedly misused his position as a public servant, being both an MLA and a former Cabinet Minister in the Punjab Government, to facilitate the laundering of ₹540 crore in drug money.
The vigilance bureau also disclosed that assets, both movable and immovable, in the names of Bikram Singh Majithia and his wife, Genieve Kaur, have increased significantly, without any corresponding legal source of income being declared.
As per the statement, search and seizure operations have been carried out by the SIT involving 22 individuals and by the vigilance bureau at three locations which resulted in the recovery of over 30 mobile phones, five laptops, three iPads, two desktops, several property documents, multiple diaries, and documents linked to Saraya Industries.
The spokesperson confirmed that Bikram Singh Majithia has been arrested by the Vigilance Bureau in accordance with the law and after following due legal procedures. Investigations are going on, and further arrests, searches, and seizures are expected. All collected evidence will be presented before the competent court to ensure that the investigation reaches its logical and legal conclusion, said the statement.