Niranjan Hiranandani finds himself in trouble with the law again

The Indian property tycoon Niranjan Hiranandani is in trouble with the law again as accusations have been made about the planning and construction of housing which was reserved for the Powai city’s poorest families.
The original contract was meant to be for the building of lowcost housing for poor people in the local area but instead Niranjan built luxury penthouses on the land which had been leased from the Mumbai Metropolitan Region Development Authority (MMRDA).
The accusations suggest that he then sold the properties for a higher rate and made a huge profit in the process.
In 1986, Niranjan Hiranandani entered into an agreement with the government to build the properties in agreement with the MMRDA
The land was leased for eighty years but on the proviso that they build a block of flats to be sold to low-income families in the area.
The agreement allowed Niranjan to use his own company to build the properties and to keep the profits from any sales of the flats. However, Niranjan chose to build luxury flats and then sell them for a much inflated price due to their location.
Niranjan Hiranandani is also being investigated by the Central Bureau of Investigation (CBI) about a Employment Provident Fund (PF) scam worth over Rs 160 crore.
Authorities issued a public notice to find Niranjan and Surenda Hiranandani, founders of the company, regarding the allegations and he soon presented himself to police where he was placed on bail and told not to leave the country.
Last year, Niranjan Hiranandani reputed the allegations and denied that they had an negative effect on his companies, he almost suggested they were necessary in order to find the level of success which he has achieved, although he admitted he was lucky that these events hadn’t happened at the same time as his company may not have been able to survive two investigations.