Niranjan Hiranandani questioned by ED

MUMBAI: The Enforcement Directorate (ED) questioned builder Niranjan Hiranandani, Hiranandani Group, for several hours on Monday in a case of alleged foreign exchange violations.

He appeared before the ED officials at the agency’s office in Ballard Estate around morning. Hiranandani lefty the ED office around 10 PM.

The ED probing him under FEMA had searched his properties and summoned both him and his son Darshan.

The official spokesperson of Hiranandani Group stated, "The company representative will remain fully cooperative in submitting required documents as was done previously multiple times and will appear when needed."

This action is being taken under the provisions of FEMA in connection with alleged violations of Foreign Direct Investment conditions. The ED suspects that the Hiranandani group promoters brought in Rs 400 crore of FDI around 20 years ago for their projects in Chennai and Panvel.

However, it is alleged that the group 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). Subsequently another Hiranandani group entity took over the incomplete project through DRT proceedings said the ED sources and they are investigating these details