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

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.

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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.”