ED summons Hiranandani Group promoters in FEMA case on Monday

Darshan Hiranandani has been living in Dubai for the last many years. About four premises of the Hiranandani Group in and around Mumbai were searched by the ED last week under the provisions of the Foreign Exchange Management Act (FEMA).

Apart from some foreign transactions, the central agency is said to be probing the beneficiaries of a British Virgin Islands (BVI)-based trust allegedly linked to the Hiranandani Group promoters. The group has said it will cooperate with the ED in this FEMA investigation.

According to the PTI report, the ED investigation is not linked to another FEMA probe being conducted against TMC leader Mahua Moitra, who was expelled as a Lok Sabha MP in December, 2023.

BJP MP Nishikant Dubey had accused Moitra of asking questions in the Lok Sabha to target the Adani Group and Prime Minister Narendra Modi at the behest of Darshan Hiranandani in exchange for gifts.

Dubey had also accused Moitra of compromising national security for monetary gains. Moitra has denied any wrongdoing and claimed she was being targeted as she had raised questions on deals of the Adani Group.