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Mumbai: On Thursday, the probe agency ED raided the main offices and other locations of Hiranandani Group in Mumbai. The central agency took this action against the business group in case of violation of rules related to FEMA (Foreign Exchange Management Act, 1999).
Approximately four to five locations in and around Mumbai were covered during the searches. Niranjan Hiranandani and Surendra Hiranandani founded Hiranandani Group in 1978, which is headquartered in Mumbai. This business group is one of the largest real estate developers in India. Hiranandani Group has many real estate projects in Mumbai, Bengaluru, Chennai and Hyderabad.
The probe focuses on potential contraventions of FEMA regulations, and the ED is actively examining financial transactions to ensure compliance with foreign exchange management norms. Hiranandani Group was also in the news in the ‘cash for query’ case of former TMC MP Mahua Maitra. BJP MP Nishikant Dubey, in a written complaint to Lok Sabha Speaker Om Birla, had accused Mahua Moitra of taking money and expensive gifts from businessman Darshan Hiranandani for asking questions in Parliament on his behalf.
The Ethics Committee investigation revealed that Mahua Moitra had shared her parliamentary login ID and password with Darshan Hiranandani. Moitra was expelled from the Lok Sabha for violating the secrecy of legislative business.
Darshan Hiranandani had also given an affidavit in the court and admitted to giving gift to Mahua Moitra and uploading questions on her parliamentary portal. Darshan Hiranandani is the son of Niranjan Hiranandani and is currently the CEO of Hiranandani Group.
Darshan Hiranandani is also the Chairman of Yotta Data Services, H-Energy, Tark Semiconductors and Tez Platform and CEO of Nidar Group. Hiranandani Group’s projects include residential buildings, office buildings, hospitals, schools, gardens, community centres, sports clubs, banks, shopping malls, film studios, bus garages, hotels, restaurants, pubs and swimming pools.
Income Tax Department teams had raided the offices, sales galleries and residential premises of top officials working for the group, including the company’s Chief Financial Officer (CFO), in three cities. During the search, the officials scanned documents, e-records of financial transactions and sales records of Hiranandani Group.
