Business Standard

'No FEMA violations': Hiranandani Group on ED searches at Mumbai office

Hiranandani Group said that the inquiry was related to a 15-year-old matter and it took time to find old records

Enforcement Directorate, Hirandani Group

Raghav Aggarwal New Delhi

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The company has extended its full support to the Enforcement Directorate (ED), and the inquiry is related to a 15-year-old matter, real estate major Hiranandani Group said in a statement following the searches at its premises on February 22.

"We have extended full cooperation to the department by facilitating all the relevant information and clarification sought by them," it said.

"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 Foreign Exchange Management Act (FEMA) violations."

On Thursday, the ED conducted searches at the group's premises at four to five locations in Mumbai. Reports had suggested that it was in connection with an alleged foreign exchange violation case.

Also Read: ED raids office, other locations of Hiranandani Group over FEMA violation

The ED sources had clarified that the searches were not related to Trinamool Congress (TMC) leader Mahua Moitra.

Moitra has been in controversy since Bharatiya Janata Party MP Nishikant Dubey accused her of asking questions in the Lok Sabha to target the Adani Group and Prime Minister Narendra Modi at the behest of businessman Darshan Hiranandani in exchange for gifts.

Darshan Hiranandani is the son of the real estate tycoon and the co-founder and managing director of the Hiranandani Group. Moitra has denied any wrongdoing and claimed she was being targeted as she had raised questions on the deals of the Adani group.

"The group will remain cooperative and law-abiding," the Hiranandani Group said in its statement.

Earlier, in March 2022, the Income Tax (I-T) department had launched searches around 25 premises of the Hiranandani Group, spanning three cities – Mumbai, Bengaluru, and Chennai. The searches were carried out over alleged tax evasion by the group.

During the searches, officials scanned documents, e-records of finances, and sales transactions of the Hiranandani Group.

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First Published: Feb 23 2024 | 11:08 AM IST

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