New Delhi

The Enforcement Directorate (ED) on Wednesday said it has ordered the seizure of more than half a dozen domestic assets worth around Rs 28 crore belonging to Delhi-based high-net-worth individuals (HNIs) accused of holding undisclosed multi-crore properties in Dubai.

The seizure orders were issued against two groups of individuals under the provisions of the Foreign Exchange Management Act (FEMA) following searches conducted at their Delhi premises a few months ago, the agency said in a statement.

According to the ED, the action was initiated based on intelligence inputs suggesting that certain Indian residents had invested in overseas properties, mainly in Dubai, using funds allegedly routed through hawala channels.

Since the immovable assets located abroad could not be directly attached, the agency invoked Section 37A of FEMA, which permits the seizure of properties located in India equivalent in value to the foreign assets acquired illegally, officials said.

The ED identified one set of individuals as Kapil Aggarwal and Sangeeta Aggarwal, who are alleged to own ten immovable properties in Dubai valued at AED 1,94,03,975, equivalent to approximately Rs 34.14 crore.

The agency claimed that these overseas properties were acquired without any corresponding outward remittance from India through authorised banking channels. It further alleged that the individuals failed to provide documentary proof regarding the source of funds used for the purchases or any approval from the Reserve Bank of India (RBI).

In another case, the ED named S Bhattacharya, linked to a firm called NEC Energy Pvt Ltd, alleging that he acquired two immovable properties in Dubai worth AED 40,07,319, or about Rs 9.83 crore.

The agency made similar allegations in this instance, stating that there was no evidence of authorised outward remittances, no documentation explaining the source of overseas funds, and no RBI approval for the transactions.

As part of the enforcement action, seizure orders were issued for five Indian immovable properties belonging to Kapil and Sangeeta Aggarwal, valued at Rs 17.83 crore, and for three properties linked to S Bhattacharya, valued at Rs 10 crore, the ED said.

READ MORE: NSA Ajit Doval arrives in Saudi Arabia for official visit

The individuals named in the seizure orders could not be reached for comment.