ED Searches Imperial Group For FEMA Violation

The Enforcement Directorate on Sunday searched six locations in Delhi and Himachal Pradesh linked to Imperial Group last week in a forex violation case. The probe agency has said in a statement issued

on Sunday."ED searched six premises located in HP and Delhi belonging to Manavinder Singh, his wife Sangri Singh and related entities in the Imperial Group which is based out of Delhi," the probe agency said.The probe agency is looking into"undisclosed assets, foreign investments and financial investments overseas" allegedly made by Manavinder Singh, his wife Sangri Singh and companies operating under Imperial Group.Imperial Group has business interest in aerospace and real estate sector. One of the residential projects it had launched was The Aurahmah Valley Luxury Residential Project in Naldehra in HP."Seized financial statements and seized records pertaining to 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 crores," ED said.AURAMAH VALLEY RESIDENTIAL PROJECT "During the search operations conducted at the premises of Auramah Valley residential project in Naldehra, Himachal Pradesh, it was further revealed that part sale consideration for the flats in the said residential project is being received in cash. According to the parallel books of accounts being maintained at the said premise, it was revealed that cash amounting to Rs. 29 crores has already been received in the said residential project .AEROSPACE BUSINESS"ED has found evidence that there is undisclosed financial interest in Singapore based company Aerostar Venture Pte Ltd. Both Manavinder Singh and his wife Sagri Singh are beneficial owners. However Manavinder Singh is the only director," ED said in a statement on Sunday. "Undisclosed financial interest in United Aerospace DWC LLC based in Dubai, wherein, both Manavinder Singh and Sagri Singh are beneficial owners. Manavinder Singh is the only director. Further, it has been revealed that a complex web of transactions has been created using United Aerospace DWC LLC, Dubai and unsecured loans in crores of INR are being advanced to / salary payments in crores of INR are being made to Manavinder Singh, Sagri Singh and related Indian entities in which they are beneficial owners," ED said." A Helicopter (Robinson 66) worth Rs. 7 crores has also been purchased in May 2025 by United Aerospace DWC LLC by purportedly availing of an unsecured loan of Rs. 7 crores from an unnamed Hong Kong based entity. The aforesaid helicopter has been imported into India for residents of the Auramah Valley residential project through an arrangement wherein lease payments from this Indian residential project are flowing back to the Dubai based United Aerospace thereby leading to accumulation of even more undisclosed foreign assets in this Dubai based entity. Further, it has also been unearthed during the search operations that assets worth Rs. 38 crores are being held by this Dubai based entity as on 31st March," said ED.SAMAYRA VILLA THAILANDED searches also led to discovery of undisclosed foreign assets in the form of Villa Samayra in Koh Samui Thailand. "Manavinder Singh, Sagri Singh and their family members are beneficial owners. It has been revealed that this villa is worth more than Rs. 16 crores," ED said.Hence, as per the investigation done till now, the modus operandi being followed by Manavinder Singh / the Imperial Group is indicative towards the use of hawala and / or other means to send the cash generated through the real estate and / or other activities of the Imperial Group outside of India which is then followed by either:Purchase of undisclosed assets outside India in the names of Manavinder Singh, Sagri Singh, their family members and Indian entities operating under the Imperial Group.(b) These assets are revenue generating which in turn lead to accumulation of even more undisclosed foreign assets or round tripping of the funds back to Manavinder Singh, Sagri Singh and Indian entities under the Imperial Group through the use of undisclosed financial interests in foreign companies which are being ultimately controlled and managed by Manavinder Singh / Sagri Singh.(c) The total cash seized during the search operations is Rs. 50 lakh (approx.) in Indian currency (including cash of Rs. 50,000/ seized in old 500-rupee currency notes) in addition to seized foreign currency of US $ 14,700.(c) Three lockers have also been frozen during the search operations and various incriminating records relating to Manavinder Singh, Sagri Singh and the Imperial Group have been seized.