Raids Across Delhi and Himachal Pradesh
According to ED officials, simultaneous searches were carried out at six premises belonging to Singh, his wife Sagri Singh, and close aides. The operation was carried out under the Foreign Exchange Management Act (FEMA). Investigators found that Singh had channeled funds abroad using complex financial structures involving unsecured loans and inflated salary payments routed through Dubai.
Undisclosed Overseas Assets
The probe revealed that Singh and his wife had significant holdings in two foreign entities: Aerostar Venture Pte Ltd in Singapore and United Aerospace DWC LLC in Dubai. These companies were allegedly used as conduits for moving funds across jurisdictions. Among the major recoveries was a luxury villa in Thailand, estimated to be worth several crores, along with multiple offshore investments in aviation and real estate ventures.
Complex Benami Network
ED officials highlighted how Singh allegedly operated a web of benami entities to conceal true ownership. The transactions involved layering funds across multiple accounts and disguising personal assets under corporate names. This method allowed the Imperial Group chief to expand his global footprint while evading Indian regulations.
Implications of the Case
The seizure underscores the government’s tightened stance on black money and offshore investments routed illegally. Similar enforcement actions in recent months have highlighted how Indian business houses increasingly use overseas jurisdictions for asset concealment. The ED’s findings are expected to lead to further legal proceedings, and officials confirmed that detailed financial scrutiny of linked firms is underway.
For citizens, the case is a reminder of India’s stricter regulatory framework under FEMA and the Government of India’s anti-black money initiatives. The outcome of this investigation may also influence future amendments in foreign exchange monitoring and corporate disclosure norms.
