MUMBAI: Enforcement Directorate probing alleged foreign exchange violations by builder Niranjan Hiranandani carried out searches at four locations in the city, including the builder's and his son Darshan's residences and registered offices.
This action is being taken under provisions of FEMA in connection with alleged violations of FDI conditions. ED suspects Hiranandani group promoters brought in Rs 400 crore of FDI around 20 years ago for their projects in Chennai and Panvel and violated FEMA conditions. However, it is alleged that the group violated FDI norms and misused funds for other purposes. The search was on at the time of going to press.
Vijay V Singh has worked for various print and online publication...
Read MoreVijay V Singh has worked for various print and online publications before joining The Times of Indiain 2008. He covers crime and takes a keen interest in criminology. His hobbies include travel (especially on bikes), reading and cricket.
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