Punjab Vigilance Bureau asks ED to probe Majithia in money laundering case
The state agency has requested a probe into a Rs 736.96-crore case involving former minister Bikram Singh Majithia.
The Punjab Vigilance Bureau has written to the Enforcement Directorate (ED) seeking a case registration and investigation into a Rs 736.96-crore money laundering matter involving Akali leader and former minister Bikram Singh Majithia, according to The Tribune.
A spokesperson for the Vigilance Bureau stated that the investigation identified a large financial system used to create, move, and hide undocumented money. This process allegedly involved various companies, foreign entities, close associates, and family members.
The bureau has named Majithia as the primary beneficiary and mastermind of this network. The investigation involves a trail of alleged drug money, with the scrutiny covering Rs 736.96 crore in suspected proceeds of crime.
The bureau's findings suggest a three-stage process of generating, layering, and integrating funds. Transactions were reportedly traced through domestic companies as well as entities located in Singapore and Cyprus.
The spokesperson added that the funds were allegedly turned into assets such as aircraft, properties, and investments held by associates and family members. The Vigilance Bureau has now approached the ED to investigate the money laundering aspects of the case.
Majithia has denied the allegations, claiming they will not stand trial in a court.