ED raids Punjab minister Sanjeev Arora, son & associates in major FEMA-linked probe
The Enforcement Directorate (ED) has carried out extensive searches at multiple premises linked to Punjab Industries Minister Sanjeev Arora, his family members, and associated business entities as part of a widening investigation under the Foreign Exchange Management Act (FEMA).
Officials confirmed that 13 residential and commercial locations across Ludhiana, Jalandhar, Chandigarh, and Gurugram were covered in the coordinated operation.
The probe is linked to allegations involving insider trading in stock markets, round-tripping of betting-related funds between UAE and India, suspected hawala transactions, manipulation of share prices through inflated financial reporting and fake export and GST-related billing irregularities.
The ED is also examining suspected financial flows routed through real estate and investment firms allegedly connected to the minister’s business network.
Searches were conducted at residences and offices of Sanjeev Arora in Ludhiana, offices of his real estate firm Hampton Sky Realty Ltd (formerly Ritesh Properties and Industries Ltd), premises linked to his son Kavya Arora, Managing Director of the firm, offices of financial services company Findoc Finvest Pvt Ltd (Ludhiana) and locations linked to businessman Chandra Shekhar Aggarwal, alleged to be involved in betting operations
The agency has also examined alleged coordination between financial operator Hemanth Sood, owner of Findoc Finvest Pvt Ltd, and other suspected players in the network.
Officials allege Sood was involved in facilitating fund movement between UAE-based betting operations and Indian investments, including real estate channels.
Chandra Shekhar Aggarwal, described by investigators as a former cricket bookie, is also under scrutiny for allegedly running betting platforms and laundering money through layered transactions.
Responding to the ED action, Sanjeev Arora posted on X, "Good Morning! An action by the Enforcement Directorate took place at my premises. As a responsible citizen, I will fully cooperate with the agencies and I am confident that the truth will prevail."
The raids come shortly after similar ED action against Ashok Kumar Mittal, triggering sharp political reactions in Punjab.
Punjab Chief Minister Bhagwant Mann strongly criticised the timing of the investigations, saying, "BJP-led central government is continuously making efforts to murder democracy," he said, while questioning, "Why are ED raids being conducted only in those states where the BJP government is not in power?"
With agency inputs