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Mumbai : The Enforcement Directorate (ED) has summoned Niranjan Hiranandani and his son Darshan Hiranandani, prominent figures in the Hiranandani Group, for questioning in connection with an alleged case of foreign exchange violations. This development follows recent searches conducted by the ED at four premises linked to the Mumbai-based real estate giant.
Searches Uncover Alleged Violations
The ED’s move comes on the heels of searches carried out at locations associated with the Hiranandani Group. The agency is reportedly investigating potential violations of the Foreign Exchange Management Act (FEMA) in relation to the business activities of the real estate conglomerate.
Summons Issued for Appearance on February 26
The father-son duo, Niranjan Hiranandani and Darshan Hiranandani, have been formally summoned to appear before the ED’s office in Mumbai on February 26, 2024, according to sources familiar with the matter. However, they have been given the option to submit their initial responses through an authorized representative.
Option for Initial Responses Through Authorized Representative
In an effort to facilitate cooperation, the ED has provided the Hiranandani duo with the alternative of submitting their initial responses through a duly authorized representative. This flexibility aims to ensure a comprehensive and fair examination of the alleged FEMA violations.
Background: Hiranandani Group’s Standing in Real Estate
The Hiranandani Group, a major player in the Indian real estate sector, has been known for its extensive and diverse portfolio of residential and commercial developments. The summons and subsequent investigation by the ED add a layer of scrutiny to the group’s financial dealings, raising questions about potential implications for one of Mumbai’s leading real estate entities.
