Foreign Exchange Probe Unveils Hidden Assets of Himachal Entrepreneurs
The Enforcement Directorate has conducted searches on Himachal Pradesh promoters for foreign exchange violations involving undisclosed foreign assets. The probe uncovered financial interests in foreign firms and luxury real estate abroad, with assets valued over Rs 80 crore. Cash and documents were seized, highlighting illegal financial practices.
- Country:
- India
The Enforcement Directorate (ED) revealed significant findings following searches on the promoters of a Himachal Pradesh-based aerospace and real estate company. These individuals are under scrutiny for alleged foreign exchange violations involving undisclosed overseas assets.
Conducted on September 19-20, the raids targeted six premises linked to Manavinder Singh, his wife Sagri Singh, and associated entities of the Imperial Group in Delhi and Himachal Pradesh. This operation falls under the Foreign Exchange Management Act, focusing on hidden financial interests abroad.
Assets worth over Rs 80 crore were detected in places like Singapore, Dubai, and Thailand. Among the findings were financial ties to Aerostar Venture Pte Ltd and United Aerospace DWC LLC. A helicopter purchase linked to unsecured loans, luxury real estate ownership, and substantial cash seizures were part of the evidence gathered.
(With inputs from agencies.)
Google News