GURUGRAM, MAY 9 — Assets belonging to Hampton Sky Realty Limited and individuals connected to Punjab’s Industries and Power Minister Sanjiv Arora have been frozen by the Enforcement Directorate. The seizure is part of a broader probe into a suspected ₹157 crore foreign exchange scam involving fabricated export transactions.
According to provisional orders, the agency has secured bank accounts and immovable properties in three cities following evidence of a conspiracy to prepare fake purchase invoices. Investigators stated that the company and its associates allegedly moved funds through shell entities to simulate commercial activity that never occurred.
The Enforcement Directorate affirmed that a significant portion of the suspicious transactions involved two UAE-based firms, M/s Fortbell Telecom FZCO and M/s Dragon Global FZCO. The agency maintained that the investigation revealed links between these foreign entities and local associates, suggesting a sophisticated round-tripping scheme.
Seizure orders issued on April 19 directed the freezing of demat accounts and mutual fund holdings for six months to facilitate the ongoing probe. The Enforcement Directorate stated that this timeline is necessary to prevent the dissipation of assets while the full extent of the FEMA violations is determined.
The probe includes a detailed audit of Hampton Sky Realty’s major shareholders and locations linked to Hemant Sood and Chandra Shekhar. Officials asserted that the action is a critical step in addressing illegal foreign exchange maneuvers that undermine the financial system. The agency affirmed that further scrutiny of the financial trails is currently underway.
