LUDHIANA, Apr 17: The Enforcement Directorate on Friday conducted searches at premises of Punjab industries minister Sanjeev Arora, his son and some others as part of a foreign exchange violation probe linked to alleged insider trading in stock markets and round-tripping of betting funds from UAE to India.
13 residential and official premises in Ludhiana, Jalandhar, Gurugram and Chandigarh are being covered under the provisions of the Foreign Exchange Management Act (FEMA).
This includes the residences and offices of Arora, his real estate company Hampton Sky Realty Ltd (formerly Ritesh Properties and Industries Ltd) and that of Arora’s son Kavya Arora (MD of the said realty company) in Ludhiana, the officials said.
“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,” Arora, Minister for industry and commerce, said.
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