Enforcement Directorate Summons Niranjan Hiranandani and Son for Questioning
The Enforcement Directorate (ED) has asked well-known builder Niranjan Hiranandani and his son Darshan Hiranandani to appear for questioning on February 26. The inquiry is related to a suspected case of breaking foreign exchange rules.
Niranjan Hiranandani, who lives in India, and his son Darshan, who has been living in Dubai as a non-resident Indian for 14 years, got the summons via email because they are currently not in India.
The ED has also asked for various documents linked to a foreign direct investment (FDI) case involving the Hiranandani Group. During an investigation, the ED found some documents related to the company’s transactions. However, certain documents linked to FDI cases in Panvel and Chennai were reportedly missing. The Hiranandani Group explained that it took time to retrieve old records due to the case being 15 years old.
In the alleged violation, the ED found that the Hiranandani Group companies apparently got Rs400 crore through FDI for housing projects in Panvel and Chennai. However, the way these funds were used supposedly didn’t follow the rules set by the RBI. The ED is now looking into whether the funds were diverted elsewhere and if there were any violations of regulations.
It was also revealed that one of the group companies couldn’t repay loans from a group of banks, leading to it being declared a non-performing asset (NPA). Another company took over an unfinished project through legal proceedings, so the ED is examining this takeover for any signs of wrongdoing.
Sources say that the Hiranandani Group supposedly set up around 25 companies and a trust in the British Virgin Islands between 2006 and 2008. The ED wants details on these entities, including their activities and connections to Indian business groups. The investigation is ongoing as authorities look into possible financial irregularities and rule violations within the Hiranandani Group.
