ED raids Imperial Group, seizes evidence of over Rs 80 crore undisclosed foreign assets

The Enforcement Directorate (ED) has unearthed undisclosed foreign assets worth over ₹80 crore during search operations at six premises linked to Delhi-based Imperial Group chairman Manavinder Singh, his wife Sagri Singh, and associated entities in Himachal Pradesh and Delhi. The searches, conducted on September 19 and 20 under the Foreign Exchange Management Act (FEMA), were triggered by intelligence inputs of offshore assets and financial interests held in violation of Indian law.

According to ED, documents seized reveal Singh and his wife held undeclared financial interests in Aerostar Venture Pte Ltd in Singapore and United Aerospace DWC LLC in Dubai. Both were shown as beneficial owners, with Singh as the sole director. Investigators allege that a web of complex transactions routed through the Dubai company facilitated unsecured loans, salary payments, and the purchase of a Robinson 66 helicopter worth ₹7 crore. The helicopter, imported into India in May 2025, was tied to lease payments from the group’s Auramah Valley luxury housing project in Naldehra, Himachal Pradesh, effectively channeling domestic revenues abroad.

ED said assets worth ₹38 crore were being held by the Dubai entity as of March 31, 2025. In addition, investigators traced a villa in Koh Samui, Thailand, named “Villa Samayra,” valued at over ₹16 crore, and undisclosed interests in companies in the British Virgin Islands along with foreign bank accounts in Singapore.

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Parallel books of accounts recovered from the Auramah Valley project indicated cash receipts of ₹29 crore from flat buyers. Officials suspect the funds were moved overseas through hawala and other routes, later round-tripped back via foreign companies controlled by Singh and his wife.

The agency seized around ₹50 lakh in Indian currency, including ₹50,000 in demonetised notes, foreign currency worth USD 14,700, and froze three lockers during the operation. ED said the modus operandi pointed to systematic diversion of real estate proceeds for offshore asset creation, with assets abroad generating revenues that further added to undisclosed wealth.

The Imperial Group, chaired by Singh, operates in the aerospace and real estate sectors. Its flagship Auramah Valley project in Naldehra was among the premises searched.