ED searches premises linked to Hiranandani Group over FEMA violations | Mumbai news - Hindustan Times
close_game
close_game

ED searches premises linked to Hiranandani Group over FEMA violations

Feb 22, 2024 09:52 PM IST

In March 2022, the Income Tax department had conducted multi-city searches at the real estate group’s premises on suspicions related to alleged tax evasion

The Enforcement Directorate (ED) on Thursday launched searches at five official and residential premises linked to the Hiranandani Group, one of Mumbai’s top real estate companies, as part of its investigation related to alleged contravention of provisions of the Foreign Exchange Management Act (FEMA), agency sources said.

Representational image.
Representational image.

People in the agency, however, refused to reveal details of the violations, and stated that further details will be shared only after the searches conclude.

HT launches Crick-it, a one stop destination to catch Cricket, anytime, anywhere. Explore now!

Earlier, in March 2022, the Income Tax department had conducted multi-city searches, including in Mumbai, at the real estate group’s premises on suspicions related to alleged tax evasion.

“We have extended full cooperation to the department by facilitating all the relevant information and clarification sought by them. Since the inquiry pertains to a 15 year old development - it took time to dig out old records. The Group understands that ED is satisfied that there were no FEMA violations. The group will remain cooperative and law abiding,” a spokesperson from the Hiranandani Group said.

The Hiranandani Group was founded in 1978 by Niranjan Hiranandani and his brother Surendra, but the brothers recently parted ways and are said to have divided some of the realty projects undertaken by the group in the Mumbai Metropolitan Region (MMR).

SHARE THIS ARTICLE ON
Share this article
SHARE
Story Saved
Live Score
OPEN APP
Saved Articles
Following
My Reads
Sign out
New Delhi 0C
Friday, April 19, 2024
Start 14 Days Free Trial Subscribe Now
Follow Us On