Chandigarh (Gurpreet Singh): The Directorate of Enforcement has intensified its investigation into an alleged Rs 157-crore foreign exchange violation by provisionally freezing financial accounts and property assets connected to Hampton Sky Realty Limited and persons linked to Punjab minister Sanjeev Arora.
The attachment, issued under the Foreign Exchange Management Act, will remain effective for six months while officials continue examining the suspected financial transactions and asset trail.
The action comes days after ED teams carried out searches at several locations, including corporate offices in Gurugram and premises connected to key individuals under scrutiny. Investigators also conducted inspections at sites associated with the company’s shareholder network and business-linked entities.
Officials suspect that fabricated invoices were allegedly used to create the appearance of large-scale export transactions. According to the agency, the company reported export business worth over ₹157 crore, a significant portion of which is believed to have been routed through two firms based in the United Arab Emirates.
The investigation is focusing on whether these transactions involved related overseas entities and were used as part of a possible round-tripping arrangement to move funds outside India and reintroduce them through structured financial channels.
The ED is also examining suspected links between one of the UAE firms and Fortbell Gadgets Private Limited. Authorities believe the entities may have common financial interests connected to individuals named in the probe.
Among the assets attached are multiple bank accounts of Hampton Sky Realty, demat holdings, mutual fund investments, and several real estate properties spread across Punjab and Haryana, including locations in Ludhiana, Mohali and Gurugram.
Officials said the freeze order was necessary to preserve assets while the investigation continues and to prevent possible diversion of funds during the probe.
The agency is currently reviewing seized documents, digital devices and transaction records recovered during earlier raids to establish the full scale of the alleged violations.
So far, no arrests have been announced in the case. Neither Hampton Sky Realty nor the individuals named in the investigation have publicly responded to the allegations. The ED is expected to continue questioning those linked to the transactions as it expands its financial scrutiny.
