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- Published: November 10, 2023 13:01
New Delhi: The Enforcement Directorate (ED) on Friday provisionally attached three Delhi-based properties of Hero MotoCorp owner Pawan Kant Munjal.
The ED initiated action against Hero MotoCorp CMD & Chairman and seized his assets worth Rs 24.95 crore.
“Three immovable properties of Pawan Munjal, based in Delhi have been provisionally attached under the provisions of the Prevention of Money Laundering Act (PMLA), the investigative agency said in a statement.
The central agency had launched probe against Pawan Munjal and his companies in August, this year and also filed a PMLA case on basis of chargesheet by Directorate of Revenue Intelligence (DRI).
The Hero MotoCorp CMD was charged with receiving foreign currency/foreign exchange of about Rs 54 crore and then taking it out of India by dubious means.
“The prosecution complaint alleges that foreign currency/foreign exchange equivalent to ₹ 54 crore was illegally taken out of India,” ED said in a statement.
ED probes money trail
On August 1 this year, the Central agency had conducted searches at Munjal’s premises and made seizures of valuables worth Rs 25 crores. It also unearthed many digital evidences and damning documents, apparently establishing his connection with the charges as leveled by DRI.
The ED probe found that the Hero MotoCorp CMD got foreign exchange/foreign currency issued in name of other known persons and then channelized it to himself for personal expenditure abroad.
As per probe findings, the foreign exchange was routed to his associates by an event management company, with some dealers serving as middlemen in the illicit money transfer. This money eventually reached Pawan Munjal’s relationship manager.
Munjal’s relationship manager looked after Munjal’s expenses during personal/business trips abroad and paid his bills.
“The modus was adopted to override the limits of USD 2.5 Lakh per annum per person under the Liberalised Remittance Scheme,” the agency said in a statement.
With the attachment of 3 immovable properties worth Rs 25 crore, the total value of ED seizures now stands at about Rs 50 crore.
