Enforcement Directorate conducts raid in Shimla, seizes Rs 50 lakh cash

The Enforcement Directorate (ED), taking action under the Foreign Exchange Management Act (FEMA), 1999, conducted raids on six premises located in Himachal Pradesh, including Naldehra (Shimla), from where they seized Rs 50 lakh cash and some crucial evidence linked to alleged undisclosed assets in foreign countries.

According to reports, the raids were conducted in the properties belonging to Manavinder Singh, chairman of Delhi-based Imperial Group, his wife Sagri Singh and other persons related to the company.

During the raids, the ED found evidence of cash transactions linked to the Auramah Valley project in Naldehra, around 24 km from the state’s capital Shimla. It has been alleged that while selling flats, a portion of the payment from buyers was taken in cash. According to the account books recovered by the ED, nearly Rs 29 crore has so far been collected in cash. The investigating agency has suspects that this money was routed abroad through hawala networks and other channels. Later, the funds were allegedly used to purchase properties overseas or circulated back into India through various means.

The ED, during its two-day operation in Naldehra, seized various incriminating documents, digital evidence, around Rs 50 lakh cash, including old 500-rupee currency notes, foreign currency, evidences relating to undisclosed financial interests / assets and bank accounts held abroad in the name of Manavinder Singh.

The ED also seized a foreign bank account passbook located in Singapore, Dubai, British Virgin Islands and Thailand, the value of which is estimated to be more than Rs 80 crore. Further, three lockers have been frozen.

Sources revealed that the ED also questioned the accused and recorded the statements of both Manavinder Singh and his wife.