GURUGRAM, MAY 9 — The Enforcement Directorate has provisionally attached bank accounts, demat holdings, and real estate assets tied to Hampton Sky Realty Limited and associates of Punjab Cabinet Minister Sanjiv Arora. The action follows an investigation into alleged foreign exchange violations involving fraudulent exports totaling ₹157.12 crore.
The seizure orders, issued under the Foreign Exchange Management Act and the Income Tax Act, freeze the identified assets for a period of 180 days. This move follows a series of searches conducted on April 17 at several locations, including the company’s Gurugram offices and premises related to Sanjeev Arora, Hemant Sood, and Chandra Shekhar.
Federal investigators stated that the firm allegedly utilized a network of shell entities to generate fake purchase invoices. These documents were reportedly used to create a facade of legitimate sales and international exports. The agency maintained that ₹102.50 crore of the claimed exports were traced to just two entities based in the United Arab Emirates.
The investigation has raised suspicions of “round-tripping” funds through these foreign entities, which the agency asserted is a direct violation of FEMA regulations. Officials stated that one of the UAE-based firms is a related entity of a private company allegedly owned by Sood and Shekhar.
The seized property includes various mutual fund holdings and demat accounts belonging to Kavya Arora, along with immovable assets situated in Ludhiana, Mohali, and Gurugram. Enforcement Directorate officials affirmed that the financial transactions of all involved individuals are under close examination to protect the interests of the revenue.
