The Enforcement Directorate (ED) took a major action in Delhi and Himachal Pradesh on September 19 and 20 and raided six locations simultaneously. The raids were killed on assets associated with Delhi -based Imperial Group Chairman Manvinder Singh, his wife Sagari Singh and colleagues.

This action was taken under the Foreign Exchange Management Act (FEMA), in which more than Rs 80 crore benami foreign properties have been revealed. ED investigation revealed that Manvinder Singh and his wife have invested in many foreign companies and property through benami system. These include Singapore -based Aerostar Venture PTE LTD and Dubai’s United Aerospace DWC LLC. Transactions worth crores of rupees were done through these companies, including things like unprotected loans and salary payment.

Big disclosure in investigation

Investigation revealed that till 31 March 2025, a foreign property worth about Rs 38 crore was recorded in the Dubai company. At the same time, the price of the luxury ‘Villa Adhara’ at Koh Samui, Thailand has been estimated at around Rs 16 crore. Apart from this, companies registered in British Virgin Islands and foreign bank accounts in Singapore have also been found.

Evidence of cash transaction on a large scale in raids

A raid on the Aurmah Valley Project Site in Shimla, Himachal, found evidence of a large -scale cash transaction. Investigation revealed that a large part of the income from flat sale was taken in cash and the withdrawal of about Rs 29 crore was revealed from the transactions recorded in parallel accounts.

ED suspects this

The ED suspects that the amount was sent abroad through hawala network and illegal channels, where it was used to buy benami properties or to bring back to India by laundering money.

During the raid, Rs 50 lakh cash (including old 500 notes included), US $ 14,700 foreign currency, three lockers, several important documents and bank passbooks were recovered. The ED has made it clear that the investigation is still going on and there may be more shocking revelations about this international benami property network in the coming days.

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