close_game
close_game

Hiranandani Group’s co- founder & son seek time to appear in FEMA probe: ED

Feb 27, 2024 08:00 AM IST

Hiranandani Group founders seek time from ED in FEMA probe related to housing projects in Panvel and Chennai; agency suspects FDI violations.

Mumbai Real estate giant Hiranandani Group’s co-founder Niranjan Hiranandani and his Dubai - based son Darshan Hiranandani have allegedly sought time from the Enforcement Directorate (ED) to appear before it in its probe related to alleged contravention of FEMA ( Foreign Exchange Management Act ), with respect to two of its housing projects in Panvel and Chennai, agency sources claimed.

HT Image
HT Image

On Thursday, ED had conducted searches at four premises linked to the Hiranandani Group and its group entities in connection with its probe. According to ED sources, the agency had allegedly asked Niranjan Hiranandani to appear before it last week but he requested for more time on health grounds. The ED sources said that Darshan was allegedly asked to appear but he sought further time.

An official spokesperson of the Hiranandani Group, however, said, “No summons were received for February 26 by any member of the Hiranandani group. No summons were received for February 24, Saturday, either. All details were provided to ED and further details shall be provided (if required). We will continue to cooperate fully. The group remains confident that this 15-year-old matter poses no FEMA violations by the group whatsoever. ED has asked for certain documents to be submitted this week. Further, representatives shall provide all details available to ED and shall cooperate fully.”

ED sources said the duo will be asked for information/clarification related to the group entities’ alleged receipt of funds of over 400 crore via the Foreign Direct Investment (FDI) route for the two housing projects under the scanner. The agency suspects that the utilisation of the amount in these projects was allegedly not as per prescribed government guidelines, ED sources said.

rec-icon Recommended Topics
Share this article
Catch every big hit, every wicket with Crickit, a one stop destination for Live Scores, Match Stats, Infographics & much more. Explore now!

Stay updated with all the Breaking News and Latest News from Mumbai. Click here for comprehensive coverage of top Cities including Bengaluru, Delhi, Hyderabad, and more across India along with Stay informed on the latest happenings in World News.
See More
Catch every big hit, every wicket with Crickit, a one stop destination for Live Scores, Match Stats, Infographics & much more. Explore now!

Stay updated with all the Breaking News and Latest News from Mumbai. Click here for comprehensive coverage of top Cities including Bengaluru, Delhi, Hyderabad, and more across India along with Stay informed on the latest happenings in World News.
SHARE THIS ARTICLE ON
SHARE
Story Saved
Live Score
Saved Articles
Following
My Reads
Sign out
New Delhi 0C
Wednesday, February 12, 2025
Start 14 Days Free Trial Subscribe Now
Follow Us On