TNR News Network
Shimla/New Delhi: The Enforcement Directorate (ED) has carried out raids on multiple premises linked to Imperial Group chairman Manvinder Singh, his wife Sagri Singh and their associates in connection with suspected violations of the Foreign Exchange Management Act (FEMA).
The searches were conducted on September 19 and 20 at six locations, including Delhi and the group’s residential project site at Naldehra near Himachal Pradesh capital Shimla.
Allegations of offshore firms, benami assets
According to the ED, the probe revealed that Manvinder Singh and his wife had allegedly parked funds abroad through benami investments. These included companies and assets in Singapore, Dubai, the British Virgin Islands and Thailand, valued at over Rs 80 crore. Investigators said they had unearthed Singh family stakes in Aerostar Venture Pvt Ltd in Singapore and United Aerospace DWC LLC in Dubai.
Transactions involving unsecured loans, high-value salary payments and routing of funds through these entities are under scrutiny.
Helicopter purchase under lens too
The ED further claimed that the Dubai-based company purchased a Robinson 66 helicopter worth Rs 7 crore in May this year. The deal was allegedly financed through an unsecured loan from a Hong Kong-based firm with no identifiable guarantor.
The helicopter was later brought to India for the Imperial Group’s luxury residential project, Ormah Valley, in Naldehra.
Cash payments and hawala trail
The agency has also alleged that nearly Rs 29 crore in cash was collected from buyers of flats at the Naldehra project.
The money was then routed abroad through hawala networks and other channels before being used to acquire properties overseas or reintroduced into India. Among the foreign assets flagged is a villa in Koh Samui, Thailand, reportedly purchased for Rs 16 crore.
During the search operation, officials seized Rs 50 lakh in Indian currency, including bundles of discontinued Rs 500 notes worth Rs 50,000, and foreign currency amounting to USD 14,700. The ED also sealed three lockers and confiscated documents linked to Manvinder Singh, his wife and the Imperial Group.
The agency said further investigations are underway to trace the entire money trail and determine the scale of alleged FEMA violations.
