ED Conducts Searches on Himachal Pradesh-Based Company and Promoters in FEMA Probe

The Enforcement Directorate (ED) on Sunday stated that it conducted searches against promoters of a Himachal Pradesh-based company operating in the aerospace and real estate sectors, as part of an investigation into alleged foreign exchange violations linked to undisclosed overseas assets.

The searches were carried out on September 19-20 across six premises in Delhi and Himachal Pradesh, associated with Humanvinder Singh, his wife Sagri Singh, and entities under the Imperial Group.

In a statement, the agency said the operation was part of an inquiry under the Foreign Exchange Management Act (FEMA) into the promoters’ alleged undisclosed assets, investments, and financial interests held outside India.

During the searches, the ED seized passbooks of foreign bank accounts, along with financial statements and other records. The agency estimates that the value of these assets located in Singapore, Dubai, the British Virgin Islands, and Thailand exceeds ₹80 crore.

The ED claimed it uncovered alleged undisclosed financial interests of the promoters in Singapore-based Aerostar Venture Private Limited and a similar stake in Dubai-based United Aerospace DWC LLC.

The Dubai-based company is alleged to have purchased a helicopter (Robinson 66) worth ₹7 crore in May, reportedly financed through an unsecured loan from an unidentified Hong Kong entity. According to the ED, this helicopter was imported into India for residents of the Aurmah Valley residential project in Naldera, Himachal Pradesh.

The agency also stated that the promoters were the “beneficial owners” of a villa in Koh Samui, Thailand, valued at ₹16 crore. Furthermore, the ED alleged that approximately ₹29 crore was received in cash as “part consideration” for flats sold in the Naldera residential project.

The ED added, “During the search operation, a total of ₹50 lakh in Indian currency—including ₹50,000 in old ₹500 notes—along with USD 14,700 in foreign currency, was seized.”

In addition to seizing incriminating records related to Singh, his wife, and Imperial Group entities, the agency also seized three lockers during the searches.