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Niranjan Hiranandani and Son Summoned by ED: Unraveling the Foreign Exchange Violation Case

Mumbai's Hiranandani Group Promoters Summoned by ED in Foreign Exchange Violation Case

Editor Ritam English by Editor Ritam English
Feb 26, 2024, 10:18 am IST
Niranjan Hiranandani and Son Summoned by ED: Unraveling the Foreign Exchange Violation Case

Niranjan Hiranandani and Son Summoned by ED: Unraveling the Foreign Exchange Violation Case

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In a recent development, the Enforcement Directorate (ED) has summoned Niranjan Hiranandani and his son Darshan Hiranandani, the prominent figures behind Mumbai-based real estate giant Hiranandani Group, for questioning in connection with a foreign exchange violation case. The father-son duo has been asked to appear at the central agency’s office in Mumbai, with the option to provide initial responses through an authorized representative.

The summons follows a series of searches conducted by the probe agency on four premises associated with the Hiranandani Group and its entities under the Foreign Exchange Management Act (FEMA) provisions. The ED officials are delving into allegations concerning the receipt of funds amounting to over ₹400 crore through the Foreign Direct Investment (FDI) route for two housing projects located in Panvel and Chennai. Among the concerns is the purported failure of one group entity, which received FDI, to repay loans from a consortium of banks, leading to its declaration as a Non-Performing Asset. Subsequently, another Hiranandani group entity reportedly took over the project in proceedings before the Debt Recovery Tribunal.

Additionally, the probe extends to suspicions regarding beneficiaries associated with a trust based in the British Virgin Islands (BVI) allegedly linked to the Hiranandani Group promoters. It’s reported that the Hiranandanis established approximately 25 companies and a trust in the British Virgin Islands between 2006 and 2008.

Contrary to speculation, the ED clarified that this investigation is unrelated to another FEMA probe involving TMC leader Mahua Moitra, who faced expulsion as a Lok Sabha MP in December last year.

Responding to the ED’s actions, the Hiranandani Group expressed cooperation with the investigation, stating their facilitation of all relevant information and clarifications sought by the authorities. They emphasized the time-consuming nature of retrieving records related to a 15-year-old development. The group conveyed an understanding that the ED is satisfied with the absence of FEMA violations and reiterated their commitment to cooperation and compliance with the law.

The unfolding investigation into the Hiranandani Group underscores the ED’s continued scrutiny of financial irregularities and violations. As the case progresses, further insights are expected to emerge regarding the alleged infractions and their ramifications on one of Mumbai’s most prominent real estate entities.

Tags: Niranjan HiranandaniEDEnforcement DirectorateDarshan Hiranandani
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