ED raids Hiranandani group over alleged FEMA violations

Mumbai: The Enforcement Directorate (ED) Thursday conducted searches on premises linked to city-based realtor, the Hiranandani group in connection with alleged forex violations, sources in the know told ET.

The searches are being conducted at five locations in Mumbai and its adjoining satellite towns.

The group wasn’t immediately available for comment.


Sources added that the probe is connections with the investments in a trust based in a tax haven in which the promoter and his family members are alleged beneficiaries.

Other than the ED, the income tax department is also probing the Hiranandani group over alleged tax violations.

Hiranandani group was named in the ‘Pandora Papers’ – a leak of close to 12 million financial documents revealing hidden wealth, tax evasion and money laundering by some of world’s rich and powerful by ICIJ, or International Consortium of Investigative Journalists.

As per the documents, Hiranandani Group and key members of Niranjan Hiranandani’s family were beneficiaries of a trust with assets of over $60 million.