Ahmedabad Times

The ED sought custodial remand after a search and seizure operation on April 17 at HSRL premises (earlier generally known as Ritesh Properties and Industries Ltd) and others, underneath FEMA, 1999, provisions.

“Searches revealed gross sales of cell phones price roughly Rs 157.12 crore from Might 12, 2023, to October 27, 2023 (FY 2023-24) to native and abroad entities,” the ED alleged.

Of this, exports price Rs 102.50 crore went to 2 UAE-based entities. “Investigation of the provision chain confirmed many suppliers have been non-existent, shell, or dummy corporations missing monetary capability. They issued bogus invoices with out supplying items and have been typically non-filers of IT returns, reported negligible earnings, or had their GST registration deregistered/suspended shortly after beginning operations,” it alleged.

Searches on April 17 additionally coated the residence of Sanjeev Arora’s son, Kavya Arora, the present managing director of HSRL. His assertion revealed he joined the corporate in 2013 and have become MD in 2025.

“Kavya acknowledged the corporate started exporting cell phones to Center East international locations from 2022, whereas primarily dealing with realty enterprise. Telephones have been sourced domestically in India. He mentioned his father managed the export operations, which stopped in 2024 on account of lack of income,” the ED mentioned.

Based on the remand software, Kavya Arora claimed his father made last choices on portions and sources for cell phone purchases, with directions executed by Chief Monetary Officer Deepak Sharma. “Kavya denied information of export particulars, stating he targeted solely on the realty enterprise,” it added.

The courtroom granted ED the custody of Sanjeev Arora for seven days.