FIR against SAD leader Majithia alleges Rs 540 crore in suspicious transactions, unexplained assets

“There are Suspicious Financial Transactions as Saraya suddenly acquired wealth and got the cash amount deposited worth Rs 161 crore (Approx) in the bank accounts and also an amount of Rs 141 crore (Approx) through foreign entities, the said amount which have been deposited has no explanation or legitimate source. From the investigation it has been revealed that an amount of Rs 236 crore (Approx) which has been credited to the account of Saraya for which there is no disclosure/explanation in the Financial Statements so filed by Bikram Singh Majithia. From the investigation conducted till now the said amount of Rs 540 crore (Approx) has been generated illegally through illicit means which amounts to illicit enrichment of resources and by using his influence as a Public Servant being the MLA and holding a Cabinet post in erstwhile Punjab Government. The said illegal amount has been utilized for acquiring the assets which is added to the list of disproportionate assets,” the FIR mentions.

According to the SIT’s findings for the period 2007 to 2012, Bikram Singh Majithia’s total declared income, based on income tax returns, amounted to Rs 81,06,675.

However, during the same period, his assets reportedly increased to Rs 2,10,49,801, as reflected in election affidavits and income tax returns. His declared expenses stood at Rs 18,10,866.

The SIT alleges that there remains an unexplained excess of assets over income amounting to Rs 1,47,53,992, for which no credible source has been provided.

As part of its probe into alleged disproportionate assets and illicit financial dealings of former Punjab Cabinet Minister Bikram Singh Majithia, the Special Investigation Team (SIT) has examined a network of companies linked to Majithia and his family.

According to documents reviewed by the SIT, this network comprises multiple firms incorporated before and after Majithia became a legislator in 2007, allegedly used to channel funds and obscure the true sources of wealth.

The SIT alleges that before entering politics, Majithia and his family were directors and shareholders in companies such as Saraya Sugar Mills Limited (incorporated in 1956 and later merged with Saraya Industries Limited in 2009-10), Saraya Industries Limited (1980), and Saraya Aviation Private Limited (1992).

These firms formed the foundation of a broader corporate structure that expanded significantly after Majithia assumed ministerial office, particularly in the renewable energy and aviation sectors.

After taking charge as minister for non-conventional energy, Majithia allegedly oversaw the incorporation of several new entities under Saraya Industries Limited.

These include Saraya Renewable Energy Private Limited (2009), and its wholly owned subsidiaries—Gurdaspur Power, Batala Power, Ajnala Power, and Nawanshahr Power Private Limited—all incorporated on the same day in April 2009. Saraya Aviation Private Limited also incorporated Prime Air Ambulance Private Limited in July 2009, further expanding the business network.