Hiranandani Group’s managing director summoned by ED stating involvement in FEMA case

According to the report, the proprietors of a real estate company situated in Mumbai have been requested to appear in person at the ED office in Mumbai.

Money

By Sneha Sengupta On Feb 25, 2024

According to sources cited by news agency PTI on Sunday, the Enforcement Directorate (ED) has summoned Niranjan Hiranandani, the managing director and co-founder of the Hiranandani Group, and his son Darshan Hiranandani on Monday, February 26, 2024, for alleged violations of the Foreign Exchange Management Act (FEMA).

According to the report, the proprietors of a real estate company situated in Mumbai have been requested to appear in person at the ED office in Mumbai. However, they have the option to submit their primary responses via an authorised representative.

It is noteworthy that the federal investigative agency searched four locations of the real estate major in and around Mumbai last week for possible violations of foreign exchange restrictions.

Aside from certain overseas transactions, the ED is purportedly investigating the beneficiaries of a trust established in the British Virgin Islands (BVI) that is purportedly connected to the promoters of the Hiranandani Group.

Darshan Hiranandani, a resident of Dubai, made headlines lately because to the cash-for-query controversy involving Mahua Moitra, the TMC MP.

The ED is looking into claims made by BJP MP Nishikant Dubey that the TMC leader had questioned Prime Minister Narendra Modi and the Adani Group in the Lok Sabha at Darshan Hiranandani’s request in exchange for gifts.

In addition, Moitra was charged by the BJP MP with jeopardizing national security in order to enrich himself.

Moitra has refuted any misconduct and asserted that she was singled out due to her inquiries on transactions involving the Adani Group.

Enforcement Directorate Niranjan Hiranandani