April 25, 2024
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ED Conducts Searches at Hiranandani Group Premises Over FEMA Violations

In a significant development, the Enforcement Directorate (ED) initiated searches on Thursday at five premises associated with the Hiranandani Group, a leading real estate firm in Mumbai. The raids, encompassing both official and residential locations, are part of an ongoing investigation into alleged violations of the Foreign Exchange Management Act (FEMA). According to sources within the agency, these actions aim to scrutinize the company’s compliance with foreign exchange regulations, although specific details regarding the alleged violations remain undisclosed at this time. The ED has stated that further information will be made available following the conclusion of the searches.

This is not the first instance of regulatory scrutiny for the Hiranandani Group. In March 2022, the Income Tax Department conducted multi-city raids on the group’s premises, investigating suspicions of tax evasion. These actions underscore the continued attention of regulatory bodies on the real estate sector’s adherence to financial laws and regulations.

The Hiranandani Group, established in 1978 by brothers Niranjan and Surendra Hiranandani, has been a prominent player in Mumbai’s real estate market. However, recent developments have seen the brothers parting ways, leading to a division of their real estate projects within the Mumbai Metropolitan Region (MMR). The ongoing investigation by the ED adds another layer of challenges for the group amidst these significant organizational changes.

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