New Delhi, Feb. 5 -- The Enforcement Directorate (ED) conducted search operations at various premises in Delhi based on intelligence inputs indicating that certain High Net Worth Individuals, resident in India, had made overseas investments, primarily in Dubai, through payments routed via hawala channels.
The search operation was in connection with alleged violations of the Foreign Exchange Management Act (FEMA). The searches resulted in the recovery of incriminating documents and information relating to undisclosed foreign assets acquired in contravention of FEMA provisions.
During the investigation, it was learned that Kapil Aggarwal and Sangeeta Aggarwal, both persons resident in India, had jointly acquired and held ten (10) immovable ...