ED Uncovers ₹80 Crore in Foreign Assets in Realty Firm Probe

The Enforcement Directorate (ED) has intensified its scrutiny of the Delhi-based Imperial Group, conducting searches at six locations across Himachal Pradesh and Delhi on September 19 and 20, 2025. The operation, conducted under the Foreign Exchange Management Act (FEMA), aims to investigate alleged undisclosed foreign assets and investments linked to the group’s chairman, Manavinder Singh, his wife Sagri Singh, and their associates.

Details of the Operation

The ED’s investigation uncovered evidence of foreign bank accounts and assets in Dubai, Thailand, Singapore, and the British Virgin Islands, collectively valued at over ₹80 crore. Additionally, ₹29 crore in unaccounted cash was found in parallel books of accounts, indicating transactions outside the official record. The agency also seized ₹50 lakh in cash and 14,700 US dollars during the operation.

Background of the Imperial Group

The Imperial Group is a prominent real estate and aerospace conglomerate based in Delhi. One of its notable projects is the Auramah Valley luxury residential development in Naldehra, Himachal Pradesh. The group’s operations span multiple sectors, and the ED’s probe focuses on potential violations related to foreign investments and asset disclosures.

Implications of the Investigation

This development underscores the ED’s ongoing efforts to clamp down on illicit financial activities and ensure compliance with foreign exchange regulations. The findings could have significant implications for the Imperial Group’s operations and may lead to further legal actions if violations are confirmed. The investigation also highlights the importance of transparency and accountability in the real estate sector, particularly concerning foreign investments and asset declarations.

Conclusion

The ED’s recent searches at properties linked to the Imperial Group mark a significant step in its broader efforts to address financial irregularities and enforce compliance with FEMA regulations. As the investigation progresses, it will be crucial to monitor any developments that may arise, including potential legal proceedings and their impact on the real estate industry.