The Enforcement Directorate (ED) has filed a prosecution complaint (chargesheet) against former Punjab cabinet minister and AAP leader Sanjeev Arora, alleging that he was the key conspirator in a fake iPhone export racket involving alleged money laundering of around Rs 103 crore.

According to the agency, the scheme involved creating bogus purchase invoices and fabricated export documents to falsely show that iPhones had been exported to Dubai.

The investigation claims that the accused projected approximately Rs 87 crore as export remittances while also obtaining around Rs 16 crore through IGST refunds and duty drawback benefits.

ED alleges that the transactions were supported by fictitious procurement, shell supplier entities, related overseas buyers and circular movement of funds to give legitimacy to the alleged exports.

The agency estimates that the total value of the purported iPhone sales exceeded Rs 150 crore, with more than Rs 100 crore worth of exports allegedly routed through a Dubai-based company that is also said to be an investor in Arora's real estate firm.

The ED has attached assets worth more than Rs 55 crore linked to Arora and Hampton Sky Realty Ltd, including bank accounts, fixed deposits, land, commercial properties and residential apartments across Ludhiana, Gurugram and Chandigarh.Investigators have also stated that a bank account receiving over Rs 100 crore in export proceeds had Arora as an authorised signatory.

Arora, who has been in judicial custody since his arrest on May 9, has had his bail rejected by a Gurugram court, while his appeal is pending before the Punjab and Haryana High Court.

The allegations are based on an FIR registered by Udyog Vihar Police, and the investigation is continuing, including scrutiny of two Dubai-based firms allegedly involved in the transactions.The charges represent the ED's allegations, and the matter remains before the courts.