In a significant move, the Enforcement Directorate (ED) conducted searches across six premises linked to prominent Delhi-based businessman Manavinder Singh, his wife Sagri Singh, and associated entities and individuals. The raids, carried out under the Foreign Exchange Management Act (FEMA), took place on Sunday, September 21, 2025, as confirmed by the Central agency.
These premises, situated in Delhi and Himachal Pradesh, were targeted as part of an ongoing investigation into alleged undisclosed assets held abroad. Authorities suspect these assets, valued at approximately ₹80 crore, are stashed in various international locations including Singapore, Dubai, the British Virgin Islands, and Thailand.
The ED highlighted that the ‘Imperial Group,’ chaired by Manavinder Singh, is a conglomerate with significant operations in the aerospace and real estate sectors. Notably, the luxurious Auramah Valley residential project in Naldehra, Himachal Pradesh, is also part of this group and is owned by Singh.
Investigators reportedly uncovered undisclosed financial interests in ‘Aerostar Venture Pte Ltd’ in Singapore, where both Manavinder Singh and Sagri Singh are listed as beneficial owners, with Manavinder Singh serving as the sole director.
Furthermore, the probe allegedly revealed similar undisclosed financial interests in ‘United Aerospace DWC LLC,’ based in Dubai. Here too, both Manavinder Singh and Sagri Singh are identified as beneficial owners, with Manavinder Singh again being the sole director.
The ED detailed a complex web of transactions involving ‘United Aerospace DWC LLC, Dubai.’ This entity is purportedly used to channel unsecured loans amounting to crores of Indian Rupees, and to make significant salary payments to Manavinder Singh, Sagri Singh, and other related Indian entities in which they hold beneficial ownership.
Adding to the allegations, the ED claims that a Robinson 66 helicopter, valued at ₹7 crore, was acquired by United Aerospace DWC LLC in May 2025. This purchase was allegedly financed through an unsecured loan from an unnamed Hong Kong-based entity.
The agency further alleges that this helicopter was imported into India specifically for residents of the Auramah Valley project. The arrangement involved lease payments from this Indian residential project flowing back to the Dubai-based United Aerospace, which the ED suspects facilitated the accumulation of even more foreign assets.
During the search operations, it was also reportedly discovered that assets worth ₹38 crore were held by this Dubai-based entity as of March 31, 2025. Among these assets is a property named ‘Villa Samayra’ in Koh Samui, Thailand, valued at ₹16 crore.
The agency’s investigation also points to undisclosed foreign assets and financial interests in companies located in the British Virgin Islands, along with several bank accounts in Singapore, where both Manavinder Singh and Sagri Singh are believed to be beneficial owners.
Finally, the ED suspects that a portion of the sale proceeds for flats within the Auramah Valley project, amounting to approximately ₹29 crore, was received in cash. This aspect is currently under deeper scrutiny, as the ED suspects a pattern of funds being ’round-tripped’ through undisclosed financial interests in foreign companies, ultimately controlled and managed by Manavinder Singh and Sagri Singh.