India’s Enforcement Directorate (ED) has exposed a hidden network of foreign assets and financial ties worth more than Rs 80 crore linked to Delhi businessman Manavinder Singh, his wife Sagri Singh, and their Imperial Group companies. The ED’s Shimla office announced the findings Sunday after conducting raids in Himachal Pradesh and Delhi.
On September 19 and 20, ED teams searched six locations, including the upscale Auramah Valley residential project in Himachal Pradesh, which Singh owns. The raids targeted potential violations of the Foreign Exchange Management Act (FEMA), 1999, triggered by tips about the group’s secret offshore holdings and undisclosed assets.
During the operations, investigators uncovered evidence of the couple’s beneficial ownership in several foreign companies. These include Aerostar Venture Pte Ltd in Singapore and United Aerospace DWC LLC in Dubai. The Dubai firm reportedly funneled unsecured loans worth crores of rupees to Manavinder Singh and connected Indian businesses.
That same Dubai company bought a Robinson 66 helicopter for Rs 7 crore and imported it to India through arrangements tied to the Auramah Valley project. As of March 31, 2025, the entity held assets valued at Rs 38 crore.
The probe also revealed a luxury villa called “Villa Samayra” in Thailand’s Koh Samui island, worth over Rs 16 crore. Plus, the Singhs have hidden stakes in companies in the British Virgin Islands and multiple unreported bank accounts in Singapore.
ED officials estimate the total value of these undisclosed foreign financial assets, interests, and accounts—spanning Singapore, Dubai, the British Virgin Islands, and Thailand—at more than Rs 80 crore, based on seized financial statements and records.
At the Auramah Valley site, agents discovered duplicate account books that pointed to Rs 29 crore in cash payments for flat sales. They seized Rs 50 lakh in Indian currency, including Rs 50,000 in old Rs 500 notes, along with $14,700 in foreign cash. The team also froze three bank lockers and grabbed incriminating documents and digital files.
The ED continues to investigate the Imperial Group’s international dealings.
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