Updated March 4th, 2024 at 15:59 IST

ED Grills Billionaire Niranjan Hiranandani Over Alleged FEMA Violations

Indian billionaire Niranjan Hiranandani had allegedly violated the RBI guidelines while taking foreign direct investments (FDI).

Reported by: Isha Bhandari
Indian billionaire Niranjan Hiranandani had allegedly violated the RBI guidelines while taking foreign direct investments (FDI) | Image:ANI
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New Delhi: Indian billionaire and co-founder of the Hiranandani Group, Niranjan Hiranandani, arrived at the Enforcement Directorate (ED) office on Monday. Hiranandani was summoned by ED for questioning regarding alleged violations of the Foreign Exchange Management Act (FEMA). The prominent businessman and managing director of the renowned Hiranandani Group, known for its real estate ventures, faced scrutiny over purported breaches of RBI guidelines concerning foreign direct investments (FDI). According to sources, Hiranandani stands accused of flouting RBI norms by purportedly misappropriating funds obtained through FDI. It is alleged that the funds, intended for specific projects within the group, were not invested in accordance with RBI regulations.

The investigation revolves around suspicions that Hiranandani failed to adhere to RBI guidelines while channeling foreign investments into various ventures undertaken by the Hiranandani Group. 

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This is a developing story, more details awaited…

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Published March 4th, 2024 at 15:59 IST