ED unearths Rs 80 crore undisclosed foreign assets linked to Delhi-based Imperial Group

New Delhi, Sep 21 (IANS) The Directorate of Enforcement's (ED) Shimla office has unearthed a web of undisclosed foreign assets and financial interests worth over Rs 80 crore belonging to Delhi-based businessman Manavinder Singh, his wife Sagri Singh, and their Imperial Group of companies following raids in Himachal Pradesh and Delhi, the agency said on Sunday.

Searches were carried out on September 19 and 20 at six premises, including the Auramah Valley luxury residential project in Himachal Pradesh, owned by Singh.

The operations were conducted under the Foreign Exchange Management Act (FEMA), 1999, after intelligence inputs pointed to undisclosed assets and offshore holdings of the group.

According to the ED, evidence seized during the operations revealed hidden financial interests in multiple offshore entities.

These include Aerostar Venture Pte Ltd in Singapore and United Aerospace DWC LLC in Dubai, where both Manavinder Singh and Sagri Singh are beneficial owners. The Dubai-based company was allegedly used to advance unsecured loans worth crores of rupees to Manavinder Singh and related Indian entities.

It also purchased a Robinson 66 helicopter valued at Rs 7 crore, imported into India through Auramah Valley project arrangements.

As of March 31, 2025, assets worth Rs 38 crore were held in this entity.

Investigators also traced a luxury villa, "Villa Samayra", in Thailand's Koh Samui, valued at over Rs 16 crore, as well as undisclosed financial interests in firms in the British Virgin Islands and multiple foreign bank accounts in Singapore.

"According to the seized financial statements and seized records pertaining to the above undisclosed foreign entities and undisclosed assets held outside India, it is estimated that the value of these undisclosed foreign financial assets/interests/bank accounts located in Singapore, Dubai, British Virgin Islands and Thailand is more than Rs 80 crore," the agency statement said.

At Auramah Valley, the agency found parallel books of accounts suggesting that cash transactions amounting to Rs 29 crore were received as part sale consideration for flats.

During the searches, the ED seized Rs 50 lakh in Indian currency, including Rs 50,000 in old Rs 500 notes, foreign currency amounting to $14,700, and froze three lockers. Incriminating records and digital evidence have also been recovered.

The ED said further investigation into the Imperial Group’s overseas dealings is underway.

--IANS

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