ED raids Hiranandani Group office, other locations over FEMA violations

ED raids Hiranandani Group office, other locations over FEMA violations

The Enforcement Directorate (ED) on Thursday conducted searches on the premises of real estate major Hiranandani group in and around Mumbai in connection with an alleged foreign exchange violation case.

The searches were conducted at four to five places, including the head office of Hiranandani Group, over alleged violation of rules under the Foreign Exchange Management Act (FEMA).

Earlier, in March 2022, the Income Tax (I-T) department searched around 25 premises of the Hiranandani Group, spanning three cities – Mumbai, Bengaluru, and Chennai.

The searches were carried out over suspected tax evasion by the group.

The ongoing probe pertains to alleged contravention of the Foreign Exchange Management Act (FEMA), sources told PTI. It is not linked to another FEMA investigation against TMC leader Mahua Moitra, who was expelled as a Lok Sabha MP in December last year.

BJP MP Nishikant Dubey had accused Moitra of asking questions in Lok Sabha to target the Adani group and Prime Minister Narendra Modi at the behest of businessman Darshan Hiranandani in exchange for gifts. Darshan Hiranandani is the son of real estate tycoon and promoter of the Hiranandani group, Niranjan Hiranandani. Moitra has denied any wrongdoing and claimed she was being targeted as she had raised questions on the deals of the Adani group.

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