Law

ED seizes properties worth Rs 22.02 crore of Rana Sugars Ltd for FEMA violation

IANS | April 3, 2025 9:52 PM

New Delhi, April 3 (IANS) In a major development, the Directorate of Enforcement (ED), Jalandhar, has seized immovable properties worth Rs. 22.02 Crore of M/s Rana Sugars Ltd for violating the Foreign Exchange Management Act (FEMA), 1999. The company has been accused of holding foreign exchange outside India in contravention of Section 4 of FEMA, 1999, which mandates that foreign exchange receipts must be brought back to India.