The Enforcement Directorate (ED) has initiated inquiries into real estate tycoon Niranjan Hiranandani, Managing Director of the illustrious Hiranandani Group, in connection with alleged violations of the Foreign Exchange Management Act (FEMA).
Hiranandani, who was summoned for questioning on Monday, addressed reporters as he left the ED's office in south Mumbai, stating, "Just understand it (allegation of FEMA violation) came 16 years ago. It's been maybe 42 times and this is the 43rd time. If the violation was there, 41 times it was not seen?" He expressed willingness to cooperate with authorities, reaffirming his commitment to resolve any concerns raised.
Accompanying Hiranandani in the inquiry is his son Darshan, who has been residing in Dubai for the past few years. The ED's scrutiny intensified following searches conducted at multiple premises of the Hiranandani Group in Mumbai on February 22, focusing on alleged FEMA violations.
The crux of the case revolves around accusations that group entities received funds exceeding ₹400 crore through the Foreign Direct Investment (FDI) route for housing projects, yet purportedly failed to adhere to prescribed government guidelines regarding fund utilization. The ED's investigation extends to both Niranjan Hiranandani and his son Darshan, along with their associated group entities.
In a parallel development, the ED has summoned Trinamool Congress (TMC) MP Mahua Moitra for questioning in a separate FEMA contravention case scheduled for March 11. This summons comes amidst a backdrop of political turmoil, with allegations against Moitra of leveraging her parliamentary position to target the Adani group and Prime Minister Narendra Modi in exchange for favors from businessman Darshan Hiranandani. Moitra has vehemently denied these accusations, attributing them to her critical stance on dealings within the Adani conglomerate.
The complexity of the situation further deepened as the Delhi High Court dismissed Mahua Moitra's plea in a case alleging she accepted gifts in exchange for parliamentary questions, a charge initially levied by BJP MP Nishikant Dubey.
In response, Moitra has underscored her principled stance on matters of national importance, asserting that her scrutiny is a consequence of her vocal advocacy for accountability and transparency.
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