The Enforcement Directorate (ED) has issued seizure orders for Indian assets worth approximately ₹28 crore belonging to several high-net-worth individuals (HNIs) based in Delhi. These individuals are under scrutiny for allegedly holding undisclosed multi-crore properties in Dubai.

The ED's action follows intelligence suggesting that these HNIs, residents of India, invested in Dubai through "hawala" channels. Hawala is an informal system of transferring funds, often used to bypass official banking channels.

According to the ED, the individuals under investigation include Kapil Aggarwal and Sangeeta Aggarwal, who purportedly possess ten immovable properties in Dubai valued at AED 19,403,975 (approximately ₹34.14 crore). Another individual, S. Bhattacharya, linked to NEC Energy Pvt Ltd, allegedly acquired two properties in Dubai worth AED 4,007,319 (around ₹9.83 crore). The ED alleges that these properties were acquired without corresponding outward remittances from India through authorized banking channels. Furthermore, the individuals purportedly failed to provide documentation substantiating the source of funds for these overseas acquisitions or approvals from the Reserve Bank of India (RBI) for holding assets abroad.

Since the Dubai-based properties cannot be directly seized, the ED has invoked Section 37A of the Foreign Exchange Management Act (FEMA). This provision allows the agency to seize equivalent-value immovable properties within India. The ED is responsible for enforcing FEMA, which aims to manage foreign exchange and promote the orderly development of India's foreign exchange market. The agency investigates suspected violations of foreign exchange laws and can impose penalties.

The ED's investigation is ongoing, and further details may emerge as the inquiry progresses. The Income Tax Department has also been investigating cases involving undisclosed properties held by Indians in Dubai, identifying over 500 "actionable" cases and uncovering significant unaccounted transactions.