Jalandhar, January 6: The Enforcement Directorate (ED) has issued summons to Rana Gurjit’s son Rana Inder Partap Singh in connection with raising of funds abroad to the tune of $18 million (around Rs 100 crore) allegedly without the mandatory permission of the Reserve Bank of India (RBI).
Inder Partap is the managing director of Rana Sugars, a Rana Group company founded in 1992 in collaboration with Punjab Agro Corporation, with its head office in Chandigarh. A report published in a newspaper states that the funds were raised by floating foreign shares, or GDRs (Global Depository Receipts), for one of the family-owned companies, Rana Sugars.
