Daijiworld Media Network - New Delhi
New Delhi, Sep 21: A sweeping crackdown by the Enforcement Directorate’s (ED) Shimla office has exposed a sprawling international network of undisclosed assets and financial interests worth over Rs 80 crore, allegedly linked to Delhi-based businessman Manavinder Singh, his wife Sagri Singh, and their real estate empire, the Imperial Group.
In back-to-back searches conducted on September 19 and 20, ED officials raided six locations in Delhi and Himachal Pradesh, including the high-end Auramah Valley residential project in Mashobra, a flagship luxury development owned by Singh.
The operations were launched under provisions of the Foreign Exchange Management Act (FEMA), 1999, following actionable intelligence about offshore holdings and concealed wealth connected to the Imperial Group.
Offshore Maze: Helicopters, Villas, and Hidden Bank Accounts
According to the ED, investigators uncovered critical evidence revealing beneficial ownership in at least two offshore firms — Aerostar Venture Pte Ltd in Singapore and United Aerospace DWC LLC in Dubai — both allegedly controlled by Manavinder and Sagri Singh.
These shell companies were reportedly used to:
• Transfer unsecured loans worth crores to Singh and affiliated Indian entities,
• Purchase a Robinson 66 helicopter worth Rs 7 crore, brought into India under the Auramah Valley name,
• Hold assets valued at Rs 38 crore (as of March 31, 2025) outside the purview of Indian regulators.
Luxury Real Estate Abroad
The ED further traced ownership of a lavish villa in Koh Samui, Thailand — named Villa Samayra — valued at over Rs 16 crore, alongside financial interests in British Virgin Islands-based companies and multiple undisclosed bank accounts in Singapore.
“Financial statements and seized documents indicate the Singh family’s offshore holdings and bank accounts across Singapore, Dubai, the British Virgin Islands, and Thailand collectively exceed Rs 80 crore,” the agency stated.
Parallel Accounting and Cash Deals in Himachal
At the Auramah Valley site, investigators found parallel accounting records suggesting that nearly Rs 29 crore in cash was collected as partial payment for apartment sales, evading official documentation and taxation.
During the raids, ED officials seized:
• Rs 50 lakh in Indian currency, including Rs 50,000 in demonetised Rs 500 notes,
• Foreign currency amounting to $14,700,
• Documents revealing complex real estate and aviation-linked financial layering,
• Three lockers, which have now been frozen pending further investigation.
Ongoing Probe
The ED confirmed that the probe into the Imperial Group’s international operations is far from over, with investigators sifting through digital evidence and financial statements for further leads.
This case adds to a growing list of high-profile probes where Indian businesspersons are accused of parking wealth abroad through a web of offshore companies and luxury investments, away from the eyes of Indian regulators.