Hiranandani Group Co-Founder and Managing Director (MD) Niranjan Hiranandani and his son Darshan have been summoned by the Enforcement Directorate (ED) for questioning in alleged violations of the Foreign Exchange Management Act (FEMA) rules.
Niranjan Hiranandani has been asked to depose before the central agency on February 26 (Monday).
ED searches Hiranandani Group premises in Mumbai
ED carried out raids at multiple offices of the realty major Hiranandani Group, official sources said on Thursday (February 22). The raids and searches were going on at the Hiranandani Group headquarters in Powai and at least three other offices in Mumbai and adjoining Raigad for alleged violation of foreign exchange regulations.
The operation was to verify possible violations of FEMA laws, and the ED is scanning its financial transactions to check whether they fall within the rules. Earlier, in March 2022, the Hiranandani Group was targeted by the Income Tax Department which had raided several of its premises in Mumbai, Chennai and Bengaluru for suspected tax evasion by the company.
Hiranandani Group has been one of the most premium real estate developer in India with more than 40 years of experience in this business. Niranjan Hiranandani is a co-founder and Managing Director of Hiranandani Group of Companies.
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