ED raids premises of Aroma Valley Naldehra project owners Manvinder Singh and wife Sagri Singh; major findings uncovered

The Enforcement Directorate (ED), Shimla, conducted raids on six locations in Himachal Pradesh and Delhi on September 19 and 20. These locations were associated with Manvinder Singh, his wife Sagri Singh, and entities/individuals related to the Delhi-based Imperial Group. The raids were conducted under the provisions of the Foreign Exchange Management Act (FEMA), 1999. This action was part of an investigation into the declared assets, foreign investments, and financial interests of Manvinder Singh, his wife Sagri Singh, and companies operating under the Imperial Group outside India.

According to the press release issued by the ED, the Imperial Group is a company group primarily operating in the aerospace and real estate sectors, with Manvinder Singh as its Chairman. The Aroma Valley luxury residential project in Naldehra, Himachal Pradesh, is also part of this group and is owned by Manvinder Singh. The ED initiated the investigation upon receiving information about declared foreign assets/financial interests held abroad in the names of Manvinder Singh, his wife Sagri Singh, and some companies under the Imperial Group.

During the raids, the ED found evidence related to declared foreign financial interests/assets held in Manvinder Singh’s name abroad and foreign bank accounts (including a foreign bank account passbook). Furthermore, the following foreign assets and interests in foreign companies were also uncovered during the searches:

· A declared financial interest in Aerostar Venture PTE Limited, Singapore, where both Manvinder Singh and Sagri Singh are beneficial owners and Manvinder Singh is the sole director.
· A declared financial interest in United Aerospace DWC LLC, Dubai, where both Manvinder Singh and Sagri Singh are beneficial owners and Manvinder Singh is the sole director. Additionally, it was revealed that a complex web of transactions has been created using United Aerospace DWC LLC, Dubai, through which unsecured loans worth crores of rupees are being given/salaries worth crores are being paid to Manvinder Singh, Sagri Singh, and related Indian entities where they are beneficial owners.

Furthermore, United Aerospace DWC LLC allegedly purchased a helicopter (Robinson 66) worth ₹7 crores in May 2025 using an unsecured loan of ₹7 crores from an unknown Hong Kong-based entity. This helicopter was imported into India for the residents of the Aroma Valley residential project. Under this arrangement, the lease payments from this Indian residential project are sent back to Dubai-based United Aerospace, thereby accumulating more declared foreign assets in this Dubai-based entity.

Additionally, it was discovered that as of March 31, 2025, this Dubai-based entity held assets worth ₹38 crores.

· A declared foreign property in the form of “Villa Samayra” in Koh Samui, Thailand, where Manvinder Singh, Sagri Singh, and their family members are the beneficial owners. It was found that this villa is currently valued at over ₹16 crores.
· Declared foreign assets/financial interests in companies based in the British Virgin Islands and declared foreign bank accounts in Singapore, where both Manvinder Singh and Sagri Singh are beneficial owners.

Based on seized financial statements and records related to the aforementioned declared foreign entities and assets located outside India, it is estimated that the value of these declared foreign financial assets/interests/bank accounts located in Singapore, Dubai, British Virgin Islands, and Thailand exceeds ₹80 crores.

Furthermore, during the search operation at the site of the Aroma Valley residential project in Naldehra, Himachal Pradesh, it was revealed that a portion of the flat sales in the said residential project was being accepted in cash. According to different account books maintained at the site, it was discovered that ₹29 crores in cash had already been collected in this residential project through the aforementioned method. Therefore, according to the investigation so far, the modus operandi adopted by Manvinder Singh/the Imperial Group indicates that money earned from real estate and/or other activities of the Imperial Group is sent abroad through hawala and/or other methods.

Subsequently, hidden assets are purchased abroad in the names of Manvinder Singh, Sagri Singh, their family members, and Indian companies under the Imperial Group. These assets generate income, which accumulates wealth. Using these, or by revealing even more hidden foreign assets or hidden financial stakes in foreign companies, funds are sent back to Indian entities under Manvinder Singh, Sagri Singh, and the Imperial Group, which are ultimately controlled and managed by Manvinder Singh/Sagri Singh.

During the search operation, a total of approximately ₹50 lakhs in Indian currency was seized (including ₹50,000 in old ₹500 notes), along with foreign currency of $14,700 USD. Additionally, 3 lockers were sealed during the search operation, and several incriminating records and digital evidence related to Manvinder Singh, Sagri Singh, and the Imperial Group were also seized. Further investigation is ongoing.