LUDHIANA – High-stakes searches conducted by the Enforcement Directorate (ED) at the premises of Punjab’s Industry and Commerce Minister, Sanjeev Arora, concluded late Friday evening after nearly 28 hours of continuous operation. The federal agency’s teams departed from the Minister’s Ludhiana residence and several associated offices following a multi-city crackdown involving allegations of international financial irregularities.
The operation, which began early Thursday morning, marks the second major action by the ED in Punjab within 72 hours, following a 24-hour search at the premises of AAP Rajya Sabha MP Ashok Mittal on April 15.
Scope of the Investigation
The searches were carried out under the provisions of the Foreign Exchange Management Act (FEMA). According to sources within the agency, the investigation is cantered on:
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Insider Trading: Alleged violations and manipulation within the stock market.
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Round-Tripping: The suspected routing of betting proceeds from the United Arab Emirates (UAE) back into the Indian financial system.
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FEMA Violations: Discrepancies in foreign exchange transactions linked to various business entities.
Key Locations and Entities
A total of 13 residential and official premises were targeted across Ludhiana, Jalandhar, Gurugram, and Chandigarh. Key entities under the scanner include:
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Hampton Sky Realty Ltd.: Formerly known as Ritesh Properties and Industries Ltd., the real estate firm is managed by the Minister’s son, Kavya Arora.
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Findoc Finvest Pvt. Ltd.: The residential and official premises of Hemant Sood, who heads this Ludhiana-based financial investment and stock brokerage firm, were searched extensively.
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Jalandhar Operations: The ED also raided the premises of Chandrashekhar Agarwal, an alleged bookie based in Jalandhar.
Background and Context
Minister Sanjeev Arora, who currently holds the portfolio for Industry and Commerce as well as Power, was reportedly on an official visit abroad when the teams arrived. This is not the first time the MLA for Ludhiana West has faced federal scrutiny; the ED previously searched his properties in 2024 regarding the alleged misuse of industrial land for residential projects.
During the 28-hour operation, central paramilitary forces provided a security cordon around the premises, restricting entry and exit as officials examined digital records and financial documents.
Political Fallout
The timing of the raids has sparked a sharp political reaction in Punjab. Leadership from the Aam Aadmi Party (AAP) has labelled the action as “politically motivated,” citing the back-to-back targeting of its senior representatives.
While the ED has yet to release an official statement regarding seizures or specific evidence gathered during the 28-hour marathon, the focus now shifts to the scrutiny of the recovered documents and the potential summoning of the individuals involved for further questioning.
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