ED, Headquarters Office, New Delhi has conducted searches under FEMA, 1999 at various premises in Delhi in the cases of Kapil Aggarwal, Sangeeta Aggarwal and S. Bhattacharya in connection with holding of undisclosed foreign assets. The search action revealed that Kapil Aggarwal and Smt. Sangeeta Aggarwal had jointly acquired and held ten (10) immovable properties in Dubai for a total consideration of AED 1,94,03,975, equivalent to Rs. 34.14 Crore and S. Bhattacharya had acquired two immovable properties valued at AED 40,07,319/- (equivalent to Rs. 9.83 Crore approx.), without any corresponding outward remittances from India through authorised banking channels and without explaining the source of overseas funds used for acquisition of the immovable properties. Accordingly, seizure orders u/s 37A of FEMA were issued for five (05) immovable properties in respect of Kapil Aggarwal and Smt. Sangeeta Aggarwal, valued at approximately Rs. 17.83 Crore, and for three (03) immovable properties in respect of S. Bhattacharya C/of NEC Energy Pvt. Ltd. valued at approximately Rs. 10 Crore.