The Enforcement Directorate (ED) has summoned builder Niranjan Hiranandani and his son Darshan to appear before the agency on Monday to record their statements in alleged violation of Foreign Exchange Management Act (FEMA) rules.
The summons came a few days after the central probe agency conducted a search of four premises of the group, three in Mumbai and one in Panvel, in connection with an alleged violation of FEMA rules on Thursday.
Sources had told News18 that ED had received some new inputs in connection with an alleged foreign exchange violation case, based on which the action was taken.
According to a TOI report, the ED suspects that the promoters of the Hiranandani group, one of the largest real estate developers in the country, brought in Rs 400 crore of FDI over around 20 years ago for their projects in Chennai and Panvel.
However, the group allegedly violated the FDI norms and misused the funds for other purposes. “The Panvel project company, which received FDI, failed to repay loans taken from a consortium of banks and was declared a non-performing asset (NPA). Interestingly, another Hiranandani group entity took over the incomplete project through DRT proceedings,” the probe agency stated.
The offshore trust set up by Niranjan Hiranandani and his family members is also on the probe agency’s radar. Hiranandani and his family members were the beneficiaries of an offshore trust, which had accumulated assets of more than USD 60 million, a TOI report said.
Niranjan Hiranandani’s son, Darshan Hiranandani is the chairman of data centre operator Yotta Data Services, oil and gas and related infrastructure company H-Energy, Tarq Semiconductors and consumer services offering Tez Platforms.
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