The enforcement directorate (ED) carried out raids at multiple offices of the realty major Hiranandani Group, for alleged violations of FEMA (foreign exchange management) rules, official sources in Mumbai said on Feb 22.

The raids and searches were going on at the Hiranandani Group headquarters in Powai and at least three other offices in Mumbai and adjoining Raigad for alleged violation of foreign exchange regulations.

The operation was to verify possible violations of FEMA laws, and the ED is scanning its financial transactions to check whether they fall within the rules.

Earlier, in March 2022, the Hiranandani Group was targeted by the Income Tax department which had raided several of its premises in Mumbai, Chennai, Hyderabad and Bengaluru for suspected tax evasion by the company.

More details were awaited.

(Source: IANS)

- Edited for style

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