Shimla, Sept 22,
The Enforcement Directorate (ED) has reportedly uncovered undisclosed foreign assets and financial interests exceeding Rs 80 crore during its two-day search operations at six locations in Himachal Pradesh and Delhi connected to companies of a Delhi-based Imperial Group.
The searches, conducted on September 19 and 20 under provisions of the Foreign Exchange Management Act (FEMA), 1999, were aimed at investigating suspected overseas assets and investments allegedly held without disclosure.
Also read: ED raids Real Estate project in Naldera, Shimla: Reports
According to ED, the Imperial Group, operating in aerospace and real estate, is chaired by Singh, with its flagship project in Himachal Pradesh being the Auramah Valley luxury residential project at Naldera. This project was among the premises covered in the raids.
Foreign assets under scanner
Evidence seized points to foreign financial interests including:
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Undisclosed shareholding in Aerostar Venture Pte Ltd, Singapore, and United Aerospace DWC LLC, Dubai, with both Singh and his wife as beneficial owners.
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A Robinson 66 helicopter worth Rs 7 crore, purchased in May 2025 by the Dubai entity, allegedly financed through unsecured loans from a Hong Kong firm. The helicopter, now in India, is said to be used for Auramah Valley residents, with lease payments routed back to Dubai.
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Assets worth Rs 38 crore held by United Aerospace DWC LLC in Dubai as of March 2025.
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An undeclared villa, Villa Samayra, in Koh Samui, Thailand, valued at over ₹16 crore.
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Foreign bank accounts in Singapore and the British Virgin Islands reportedly linked to the couple.
Suspected Cash deals at Auramah valley
At the Auramah Valley project site, ED claims to have found evidence of parallel accounts showing part of the flat payments were collected in cash. Investigators estimate around Rs 29 crore was routed this way.
The operation also led to the recovery of Rs 50 lakh in Indian currency, including Rs 50,000 in demonetised Rs 500 notes, foreign currency worth USD 14,700, freezing of three lockers, and seizure of multiple digital and documentary records related to Singh, his wife, and the Imperial Group.
Alleged Hawala and Round-Tripping
Preliminary analysis of the seized material, ED stated, suggests a pattern of hawala transactions and round-tripping of funds, where cash generated from real estate sales was allegedly sent abroad, invested in revenue-generating assets, or routed back into India through shell entities.
ED clarified to a news agency that the probe remains at an early stage and that further investigation is underway.
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