Raninder floated 7 companies with foreign accounts when captain was CM

“While Raninder Singh, son of Captain Amarinder Singh has been summoned by court over a complaint filed by Income Tax department, it has come to the fore through media reports that he has floated seven companies having foreign bank accounts when his father was serving as Chief Minister of Punjab.”

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 It must be noted here that Ludhiana’s Chief Judicial Magistrate (CJM) summoned Raninder Singh under Section 277 of the Income Tax Act and Sections 177 and 181 of the IPC. Adding on to woes of Captain and his family Account statement of the companies in question have been pointed out in the media reports.

Massive fund transfer to foreign shore

It has come to the light that during the tenure of Captain Amarinder Singh as the Chief Minister of Punjab, huge money in dollars was fraudulently to foreign lands. It has been reported that Jacaranda trust, of which Raninder and his parents are beneficiaries had opened accounts Switzerland based bank in 2005.

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It must be noted here that the companies were floated under the trust within a short span of time to siphon off massive fund out of the country. Seven subsidiary companies were floated under Jacaranda trust and accounts of all these were opened in the banks abroad.

Questions being raised over Captain

Since huge amount of dollars was transacted through the companies under their family trust, questions are being raised over Captain Amarinder since he was the Chief Minister of Punjab at that time. Now people of Punjab want to know how captain and his family suddenly found this quantum of wealth.

Displaying escapist attitude, Raninder Singh when confronted with media on the issue, very conveniently refused to comment anything.

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