ED questions Hiranandani Group MD in FEMA violation case

Mumbai: Niranjan Hiranandani, Managing Director of Hiranandani Group, was questioned by the Enforcement Directorate (ED) on Monday in a case related to alleged violation of the Foreign Exchange Management Act (FEMA).

After his questioning ended, he told reporters that he would cooperate with the authorities.

“Just understand it (allegation of FEMA violation) came 16 years ago. It’s been maybe 42 times and this is the 43rd time. If the violation was there, 41 times it was not seen?”Hiranandani asked while talking to reporters.

“Whenever an issue is raised by an authority, I’m very happy to cooperate because it is their duty for the purposes of finding out what the issues are. So we have no problem in repeating and reiterating whatever we have done,” he added.

On February 22, the ED conducted searches at multiple premises of the Hiranandani Group in Mumbai on FEMA violation charges.

Hiranandani Group is one of the most premium real estate developers in India, with more than 40 years of experience in this business. Niranjan Hiranandani is a co-founder and managing director of the Hiranandani Group of Companies.