Enforcement Directorate Raids Uncover Punjab Minister's Alleged Forex Violations

The Enforcement Directorate conducted searches at the premises of Punjab industries minister Sanjeev Arora, his son, and others for alleged foreign exchange violations, insider trading, and round-tripping of funds. The probe under FEMA covers multiple locations and includes allegations against Arora's real estate business and financial partners.

The Enforcement Directorate (ED) intensified its actions against alleged foreign exchange violations by launching searches on Friday at various sites associated with Punjab industries minister Sanjeev Arora, his son, and other individuals. The searches are part of a broader investigation into insider trading and round-tripping of funds from the UAE to India.

Under the Foreign Exchange Management Act (FEMA), 13 residential and official premises across Ludhiana, Jalandhar, Gurugram, and Chandigarh were inspected. These include properties linked to Arora, his real estate company Hampton Sky Realty Ltd, and his son Kavya Arora, as well as premises of financial entities like Findoc Finvest Private Ltd.

Punjab Chief Minister Bhagwant Mann criticized the raids, describing them as politically motivated attacks ahead of state elections. Notably, companies connected to Sanjeev Arora face severe scrutiny over alleged illegal activities, including land misuse, stock market manipulations, and laundering of illicit funds through non-existent GST registrations.