The Enforcement Directorate (ED) conducted searches at the premises of the prominent real estate group, Hiranandani, on Thursday. This comes in response to allegations of foreign exchange violations, as per a report by PTI.
The operation is being administered at four to five locations in and around Mumbai. The probe pertains to alleged contravention of the Foreign Exchange Management Act (FEMA), the sources cited in the report said.
The Hiranandani Group is among the premium real estate developers in India, boasting over four decades of expertise in the industry since its establishment in 1978.
Recently, big names in various sectors have come under the scrutiny of the Enforcement Directorate for potential violations of the Foreign Exchange Management Act.
Alongside real estate developers like the Hiranandani Group, edtech giant Byju's and fintech firm Paytm have also captured the attention of the ED. While investigations continue, the ED has not yet found any FEMA violations by Paytm Payments Bank, distinguishing it from other cases.
It is also worth noting that last year saw a political case of 'cash-for-query' involving Darshan Hiranandani, the son of Niranjan Hiranandani, co-founder of the Hiranandani Group.
During a Lok Sabha session held last October, Trinamool Congress MP Mahua Moitra had admitted that she provided her Parliament login and password details to Darshan Hiranandani. But, Moitra later denied receiving any financial benefits from him.
