Due to FEMA irregularities, the ED searches the Hiranandani Group's properties in and around Mumbai: Report

Due to FEMA irregularities, the ED searches the Hiranandani Group's properties in and around Mumbai: Report

The Hiranandani Group was the target of many ED operations.

According to a report published on Thursday, the Hiranandani Group's properties are being searched by the Enforcement Directorate (ED). According to government sources cited by PTI, there was a breach of the Foreign Exchange Management Act (FEMA) related to the search.

The report states that the search effort comprised around four locations in and around Mumbai.

According to sources cited by News18, the investigative agency has acquired fresh information on the suspected FX infringement case. On February 22nd, ED acted based on these information.