ED raids premises of Imperial Group in Himachal Pradesh and Delhi for FEMA provisions

Shimla (Himachal Pradesh) [India], September 21 (ANI): Directorate of Enforcement (ED) conducted search operations at six premises located in Himachal Pradesh and Delhi belonging to Imperial Group owner Manavinder Singh, his wife Sagri Singh and related entities as part of a foreign exchange violation probe linked to alleged undisclosed foreign assets, a release said.

The search operations on Friday and Saturday were conducted under the provisions of the Foreign Exchange Management Act (FEMA) 1999 in connection with an investigation related to undisclosed assets held outside India, undisclosed foreign investments and the financial interests of Sing, his wife and the entities under the Imperial Group, the release said.

The Imperial Group is a group of companies operating inter alia in the aerospace and real estate sectors and is chaired by Singh.

The Auramah Valley luxury residential project in Himachal Pradesh’s Naldehra is also a part of the aforesaid group.

Additionally, according to the seized financial statements and records pertaining to the undisclosed foreign entities and undisclosed assets held outside India, the value of those located outside India in Singapore, Dubai, British Virgin Islands and Thailand is more than Rs 80 crore.

Earlier, ED provisionally attached immovable properties valued at Rs 696.21 crore located in Haryana’s Panchkula in connection with its ongoing probe in the case of Pearl Agro Corporation Limited (PACL) and others under the Prevention of Money Laundering Act.

ED said its investigation stems from the Central Bureau of Investigation’s First Information Report registered on February 19, 2014, against PACL Ltd, PGF Ltd, late Nirmal Singh Bhangoo, and others.

The case pertains to massive fraudulent collective investment schemes floated by PACL, through which the company and its associates deceitfully raised and misappropriated around Rs 48,000 crore from unsuspecting investors, which constitutes Proceeds of Crime (POC).

ED’s investigation has revealed that the funds mobilised from lakhs of investors were layered and diverted through multiple transactions to conceal their illicit origins.

“Part of the tainted funds were utilised for the acquisition of 11 immovable properties, valued at Rs 696.21 crore, in the names of entities such as DSS Megacity Pvt Ltd, Saramati Realtors Pvt Ltd, Saramati Techno Build Pvt Ltd, Shiv Megacity Project Pvt Ltd, and Roseco Builders Pvt Ltd. The layering was deliberately structured to project the assets as legitimate, thereby attempting to mask the Proceeds of Crime,” said the agency in a statement. (ANI)

Source

The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.