Mumbai: The Enforcement Directorate (ED) has summoned Niranjan Hiranandani and his son Darshan Hiranandani, the promoters of outstanding Mumbai-based actual property developer Hiranandani Group, for questioning in a international alternate violation case on February 26 with respect to 2 of its housing initiatives in Panvel and Chennai.
On Thursday, ED performed searches at 4 premises linked to the Hiranandani Group and its group entities in reference to its probe. ED sources on Sunday mentioned that the company had mailed its summons by way of an electronic mail to Darshan Hiranandani as he’s based mostly in Dubai, United Arab Emirates. While ED requested the Hiranandanis to seem earlier than its Mumbai workplace, they might select to undergo it their responses by way of authorised consultant/s, the sources mentioned.
When contacted by HT, an official spokesperson of the Hiranandani Group mentioned, “The ED search is over. We are not aware of anything further. We shall be submitting further documents (as required).”
ED sources mentioned the duo will likely be requested for info/clarification associated to the group entities’ alleged receipt of funds of over ₹400 crore by way of the Foreign Direct Investment (FDI) route for the 2 housing initiatives below the scanner. The company suspects that the utilisation of the quantity in these initiatives was allegedly not as per prescribed authorities tips, ED sources mentioned. ED sources mentioned that Niranjan Hiranandani, his son, and their group entities are below the scanner for the alleged violations.
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According to ED, one of many group entities which had obtained the FDI allegedly didn’t repay loans taken from a consortium of banks and was declared a Non-Performing Asset. “Interestingly, the incomplete project was then taken over by another Hiranandani group entity in the subsequent Debt Recovery Tribunal’s proceedings. proceedings,” an ED supply mentioned.
As per the data available with the company, Niranjan Hiranandani and his members of the family have been allegedly the beneficiaries of an offshore belief, which had gathered property of greater than $60 million, the sources mentioned. “The group was earlier also named in the Pandora Papers. ED’s probe also learnt that the Hiranandanis had allegedly set up at least 25 companies and a trust in the British Virgin Islands between 2006 and 2008,” an company supply mentioned.
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ED’s searches on Thursday have been performed at three areas in Mumbai, together with the company and registered places of work of the group entities, and a website workplace in Panvel. Reacting to ED’s FEMA probe and the searches, the official spokesperson of the Hiranandani Group mentioned on Thursday, “We have extended full cooperation to the department by facilitating all the relevant information and clarification sought by them. Since the inquiry pertains to a 15-year-old development, it took time to dig out old records.” The spokesperson added, “The group understands that ED is satisfied that there were no FEMA violations. The group will remain cooperative and law-abiding.”
