The Enforcement Directorate (ED) has unearthed foreign assets worth more than ₹80 crore during search operations at six locations connected to Imperial Group chairman Manavinder Singh, his wife Sagri Singh, and associated entities. The raids, carried out on September 19 and 20 under the Foreign Exchange Management Act (FEMA), followed intelligence inputs suggesting offshore assets and financial holdings in violation of Indian laws.
Undisclosed Foreign Holdings in Singapore and Dubai
According to ED officials, documents recovered during the operation revealed that Singh and his wife were beneficial owners of Aerostar Venture Pte Ltd in Singapore and United Aerospace DWC LLC in Dubai. Singh was also listed as the sole director.
FutureCrime Summit 2026: Registrations to Open Soon for India’s Biggest Cybercrime Conference
Investigators allege the Dubai-based company acted as a hub for a complex network of cross-border transactions, facilitating unsecured loans, questionable salary payments, and the purchase of high-value assets.
Among these was a Robinson 66 helicopter worth ₹7 crore, imported into India in May 2025. Authorities say lease payments for the helicopter were routed through funds linked to the group’s Auramah Valley luxury housing project in Naldehra, Himachal Pradesh, effectively diverting domestic real estate revenues into offshore accounts.
Assets Abroad: Dubai, Thailand, and the BVI
The agency stated that as of March 31, 2025, United Aerospace in Dubai held assets worth ₹38 crore. Beyond this, ED traced a luxury villa named “Villa Samayra” in Koh Samui, Thailand, valued at over ₹16 crore.
The probe also uncovered Singh’s and his wife’s undisclosed interests in companies registered in the British Virgin Islands (BVI) and multiple foreign bank accounts in Singapore. Officials believe these offshore assets were part of a deliberate effort to conceal wealth from Indian regulators.
Parallel Books and Suspected Hawala Routes
During searches at the Auramah Valley project premises, ED recovered parallel books of accounts indicating cash receipts of around ₹29 crore from buyers of luxury flats. Investigators suspect that these funds were moved abroad via hawala channels and subsequently round-tripped back into India through foreign companies controlled by the Singh family.
The agency also seized approximately ₹50 lakh in Indian currency, including ₹50,000 in demonetised notes, foreign currency worth USD 14,700, and froze three lockers.
ED said the evidence points to a systematic diversion of real estate proceeds into offshore assets, with those assets later generating income that added to Singh’s undisclosed foreign wealth.
The Imperial Group and Its Business Interests
The Imperial Group, chaired by Singh, operates across aerospace and luxury real estate. Its flagship Auramah Valley project in Naldehra, a high-end residential development, was one of the main premises searched during the two-day operation.
Investigators believe the project was central to the financial trail, with domestic buyers’ funds allegedly siphoned abroad under the guise of project revenues.
Implications of the ED’s Findings
The investigation highlights the growing scrutiny of cross-border real estate-linked money laundering. Officials note that the case could have broader implications for FEMA enforcement in India’s luxury property sector, where allegations of hawala transactions and offshore layering are becoming increasingly common.
With assets traced across Dubai, Singapore, Thailand, and the BVI, the ED’s case against Singh and his associates underscores the agency’s focus on global financial networks used to park undeclared Indian wealth abroad.
