ED Interrogates Niranjan Hiranandani in FEMA Violation Case

Niranjan Hiranandani, one of India's billionaires, was questioned by the Enforcement Directorate (ED) for nearly 10 hours about a foreign exchange violation case.

He was summoned by the ED in a FEMA violation case in which he and his son Darshan Hiranandani were suspected of being beneficiaries of an offshore trust with assets of more than $60 million.

According to sources, the accused group carried more than Rs 400 crore in FDI into group firms with real estate projects in Maharashtra and Tamil Nadu. It is alleged that the funds were not used as per official guidelines.

Hiranandani stated after a 10-hour interrogation session, “We have answered their questions multiple times.” It is connected to foreign direct investment. There is nothing new in this scenario. We were delighted to address their inquiries. “There were no new issues raised.”

Hiranandani Group spokesperson stated the company's representative will remain fully cooperative in submitting required documents as was done previously multiple times and will appear when needed.

About Hiranandani Group

Established in 1978, Hiranandani Group is one of the most prestigious real estate developers based in Mumbai. Hiranandani Group has the vision of creating a new India with self-sufficient and enduring townships.

About ED

The Directorate of Enforcement or the ED is a multi-disciplinary organization mandated with investigation of economic crimes and violations of foreign exchange laws. The origin of this Directorate goes back to 1st May 1956, when an ‘Enforcement Unit’ was formed in the Department of Economic Affairs for handling Exchange Control Laws violations under the Foreign Exchange Regulation Act, 1947 (FERA 47).

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