ED searches Naldehra project over alleged undisclosed foreign investments
The Directorate of Enforcement searched six premises in Himachal Pradesh and Delhi under FEMA and seized cash, foreign currency, records and digital evidence. ED said the investigation concerned alleged undisclosed foreign investments, bank accounts and assets and remained in progress.
This page records what the cited court, tribunal and government records say happened. Findings belong to the court or authority that made them; this register adds none of its own. Names of private individuals are withheld unless a naming gate clears them.
How we verify →As of the 21 September 2025 press release, the FEMA investigation was in progress and no final adjudication was reported.
What happened
ED said its Shimla office searched six premises in Himachal Pradesh and Delhi on 19 and 20 September 2025 under FEMA.
ED said the investigation concerned alleged undisclosed assets, foreign investments and financial interests associated with a group operating in aerospace and real estate. Its Naldehra residential project was among the searched premises.
ED said records revealed alleged financial interests or assets in Singapore, Dubai, Thailand and the British Virgin Islands. It estimated their value at more than Rs 80 crore.
ED said it seized about Rs 50 lakh in Indian currency and USD 14,700, froze three lockers, and seized records and digital evidence.
ED said its investigation was still in progress. The release did not report an arrest, adjudicated FEMA contravention or final penalty.
What the record says
“The total cash seized during the search operations is Rs. 50 Lakh (approx.) in Indian currency (including cash of Rs. 50,000/ seized in old 500-rupee currency notes) in addition to seized foreign currency of USD 14,700.”
ED press release dated 21.09.2025, page 2 — read the full text
A peaceful economic act
The stated basis of the action was holding and moving private capital through foreign companies, accounts and assets. The official release identified no violence, coercion, fraud victim, drugs, bribery or other complaining victim.
What we could not confirm
The release does not identify which of the six premises yielded each seized item. It describes Naldehra as being in Himachal Pradesh but does not print its district. ED's allegations had not been finally adjudicated as of the release.