As part of the action, the ED has seized five Indian properties belonging to the Aggarwals worth ₹17.83 crore and three properties linked to Bhattacharya valued at ₹10 crore. The individuals could not be reached for comment
India’s Enforcement Directorate (ED) has seized Indian assets worth ₹28 crore belonging to high-net worth individuals accused of holding undisclosed multi-crore properties in Dubai. The action has been taken under the Foreign Exchange Management Act (FEMA) following searches conducted at their premises in Delhi a few months ago.
According to the federal probe agency, the move was based on intelligence inputs suggesting that certain Indian residents made overseas property investments, mainly in Dubai, through illegal channels. The ED claims the funds were routed via hawala networks instead of authorised banking systems, in violation of Indian foreign exchange rules.
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Since immovable properties located abroad cannot be directly seized, FEMA allows authorities to confiscate equivalent-value assets located in India
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Using this provision under Section 37A of FEMA, the ED issued seizure orders for Indian properties matching the value of the alleged foreign assets
The agency has identified Kapil Aggarwal and Sangeeta Aggarwal as holding ten immovable properties in Dubai valued at AED 19.4 million, or around ₹34.14 crore. The ED alleges that these properties were acquired without any recorded outward remittance from India through authorised banks. It further stated that the individuals failed to provide documents explaining the source of funds or any approval from the Reserve Bank of India (RBI) for the overseas purchases.
In a separate case, the ED named S. Bhattacharya, linked to NEC Energy Pvt Ltd, accusing him of acquiring two Dubai properties valued at AED 4 million, or about ₹9.83 crore. Similar to the first case, the agency said there was no evidence of lawful fund transfer or RBI approval.
