ED raids at Hiranandani Group's premises in and around Mumbai over FEMA violations: Report

The Enforcement Directorate is consucting raids at the premises of the Hiranandani Group in connection with Foreign Exchange Management Act violation, reported PTI. As per the report, search is going on at four premises including the group's head office in Mumbai.

ED Raids

As per News18, the enforcement directorate is conducting the raids after receiving some new inputs in connection with an alleged foreign exchange violation case.

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Recently, the son of the group's co-founder Darshan Hiranandani had hit headlines in ‘cash for query’ case involving former TMC MP Mahua Moitra. However, News18 quoted a source and said that this raid has no relation to the case.

In March 2022, the Income Tax Department searched around 25 premises of the Hiranandani Group in Mumbai, Bengaluru and Chennai. The search then was conducted over suspected tax evasion by the group.

In response to ED's actions, an official spokesperson representing the Hiranandani Group asserted, ”we have extended full cooperation to the department by facilitating all the relevant information and clarification sought by them. Since the inquiry pertains to a 15 year old development - it took time to dig out old records. The Group understands that ED is satisfied that there were no FEMA violations. The group will remain cooperative and law abiding.