The Directorate of Enforcement (ED), Shimla, carried out searches at six locations in Himachal Pradesh and Delhi in connection with an ongoing probe into the Delhi-based Imperial Group, an ED statement said on Sunday.
The premises belonged to Manavinder Singh, chairman of the Imperial Group, his wife Sagri Singh, and their associates.
The searches, conducted on September 19 and 20 under the Foreign Exchange Management Act (FEMA), 1999, were related to alleged undisclosed assets held abroad, undisclosed foreign investments, and financial interests of Manavinder Singh, his wife, and companies under the Imperial Group.
The Imperial Group is a collection of companies in the aerospace and real estate sectors. The Auramah Valley luxury residential project in Naldehra, Himachal Pradesh, is also owned by Manavinder Singh.
During the searches, officials seized evidence related to foreign assets and bank accounts that had not been disclosed.
The estimated value of the undisclosed foreign assets, including holdings in Dubai and Thailand, and bank accounts in Singapore, Dubai, the British Virgin Islands, and Thailand, is over Rs 80 crore, the statement said.
At Auramah Valley, it was revealed that part of the payment for flats was being received in cash. Parallel accounts showed that Rs 29 crore had already been received this way. ED officials also seized Rs 50 lakh in cash and 14,700 US dollars during the operation.
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