The Enforcement Directorate has summoned Raninder Singh, son of former Punjab Chief Minister and State Congress chief Captain Amarinder Singh, under the Foreign Exchange Management Act for questioning on June 16.
A media adviser to the former Chief Minister said a statement in this regard would be issued soon. Raninder Singh told the media that he had nothing to hide and he would fully cooperate with the ED.
According to the Directorate, the summons was served to probe suspected foreign exchange violations. Mr. Raninder Singh is believed to have received funds from United Kingdom-based Jacaranda Trust. Movement of funds to Switzerland and some legal entities in British Virgin Islands are also under scrutiny.
Four firms under scanner
The Income-Tax Department had probed four companies having assets worth about Rs.460 crore. According to the agency, documents of these companies and their bank accounts established that they were associated with Mr. Raninder Singh.
In March, the agency filed a challan against Mr. Singh in a Ludhiana court, which issued summons asking him to appear on July 26. Through the challan, the agency had also alleged that his father was a discretionary beneficiary of the U.K.-based Trust.
The four companies were identified by the IT Department as Chillingham Holdings Limited, Mulwala Holdings Limited, Allworth Venture Holdings Limited and Limerlock International Limited.
Money trail
Pursuing the financial trail, Income-Tax officials zeroed in on some HSBC accounts in Switzerland and Dubai and immovable assets in the U.K. allegedly linked to the assessee. They also inspected transaction records with the British Virgin Islands authorities in July last year.
The agency, in its challan, accused Mr. Singh of lying on oath and furnishing fake accounts and bogus documents pertaining to the Trust and the companies. It also alleged that when he was shown his signatures on the Trust deed, he changed and disguised his signatures. His statements were recorded twice in April last year.
