The Directorate of Enforcement (ED) in Shimla has conducted searches at six locations in Himachal Pradesh and Delhi as part of an ongoing investigation into the Delhi-based Imperial Group. According to an ED statement released on Sunday, the properties belong to Manavinder Singh, chairman of the Imperial Group, his wife Sagri Singh, and their associates.
The searches, conducted on September 19 and 20, were executed under the Foreign Exchange Management Act (FEMA) of 1999. They focused on alleged undisclosed foreign assets, unreported investments, and financial interests tied to Manavinder Singh, his wife, and companies associated with the Imperial Group.
The Imperial Group comprises various businesses in the aerospace and real estate sectors, including the Auramah Valley luxury residential project located in Naldehra, Himachal Pradesh, owned by Manavinder Singh.
During the searches, incriminating evidence concerning foreign interests and undisclosed bank accounts was reportedly recovered. The statement estimates the value of undisclosed foreign assets, which are believed to be located in Dubai and Thailand, along with bank accounts in Singapore, Dubai, the British Virgin Islands, and Thailand, to exceed Rs 80 crore.
At the Auramah Valley site, it was found that part of the payment for flats was being received in cash. Records showed that Rs 29 crore in cash had already been collected using this method. Additionally, ED officials seized Rs 50 lakh in cash and $14,700 during the search operation.
