ED searches premises linked to Hiranandani Group over FEMA violations | Mumbai news

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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.

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.

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).

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