ED officials raid Niranjan Hiranandani in Fema case

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.