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The Enforcement Directorate has carried out raids on multiple premises linked to Imperial Group, its chairman, his wife and associates, following allegations of undisclosed foreign assets and unreported overseas investments. Investigators reportedly found links to holdings in Singapore, Dubai, Thailand and the British Virgin Islands, along with cash transactions linked to a luxury real estate project. Authorities estimate the undeclared overseas assets to be worth more than INR 80 crore.
The Enforcement Directorate conducted search operations at six locations in Himachal Pradesh and Delhi associated with the Imperial Group, its chairman, his wife and other associates. The action was taken under the Foreign Exchange Management Act, 1999, in connection with suspicions of undeclared overseas assets and investments. Officials indicated that the group may have failed to disclose foreign bank accounts and related holdings abroad. Advertisement
The Imperial Group is engaged in aerospace and real estate ventures, including a high-end housing project in Himachal Pradesh. During the raids, authorities recovered documents that pointed towards financial interests abroad and unreported bank accounts. The value of such assets has been estimated at more than INR 80 crore, spread across jurisdictions such as Singapore, Dubai, Thailand and the British Virgin Islands.
At the luxury residential project, investigators alleged that portions of the payments for apartments were taken in cash. Parallel accounts examined during the searches reflected cash receipts amounting to nearly INR 29 crore through this method. In addition, enforcement officials seized INR 50 lakh in cash and foreign currency worth 14,700 USD.
Allegations of concealed overseas assets and significant cash-based transactions suggest possible violations of foreign exchange and disclosure regulations. The outcome of the investigation may prove significant in shaping enforcement practices and reinforcing corporate compliance with foreign asset reporting and transparency norms.
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