Raids at Hiranandani Group headquarters and offices: ED action under FEMA violation

The Enforcement Directorate (ED) today, February 22, raided the headquarters and several offices of real estate developers Hiranandani Group in Mumbai. According to media reports, the central probe agency conducted the raids for alleged violations of regulations under the Foreign Exchange Management Act (FEMA).

The investigating agency received some fresh inputs regarding the alleged foreign exchange violation case, on the basis of which action was taken. Media reports say the case is not related to TMC leader Mahua Moitra. Earlier in 2022, the ED team raided 24 locations of the Hiranandani group. The raid was conducted on allegations of financial irregularities.

Hiranandani Group was established in 1978:

Niranjan Hiranandani and Surendra Hiranandani founded the Hiranandani Group in 1978, headquartered in Mumbai. This business group is one of the largest real estate developers in India. Hiranandani Group has several real estate projects in Mumbai, Bengaluru, Chennai and Hyderabad.