New Delhi [India], November 10 : The Directorate of Enforcement (ED) has provisionally attached three immovable properties belonging to CMD and Chairman Hero MotoCorp, Pawan Kant Munjal. The properties are located in Delhi and are estimated to be worth Rs 24.95 crore.
In a release Friday, the central enforcement agency said it initiated an investigation on the basis of a prosecution complaint filed by the Directorate of Revenue Intelligence against Munjal and "others" for taking foreign exchange or currency out of India illegally.
{{{{twitter_post_id####}}}}ED has attached 03 immovable properties located at Delhi worth Rs. 24.95 Crore (approx.) under the provisions of PMLA, 2002 belonging to Pawan Kant Munjal, CMD & Chairman, M/s Hero MotoCorp Ltd in connection with a money laundering investigation. The total value of seizure and…— ED (@dir_ed) November 10, 2023
The prosecution complaint alleged that foreign currency/foreign exchange equivalent to Rs 54 crore was illegally taken out of India.
The investigation claimed that Pawan Munjal got issued foreign exchange/ foreign currency in the name of other persons and thereafter utilised the same for his personal expenditure abroad.
"The foreign currency/ foreign exchange was drawn from authorised dealers by an event management company in the name of various employees and thereafter handed over to Pawan Kant Munjal's relationship manager. The relationship manager carried such foreign currency/ foreign exchange in cash/ card secretly, for the personal expenditure of Pawan Kant Munjal during his personal/ business trips," the ED release stated.
The modus was adopted to override the limits of USD 2.5 Lakh per annum per person under the Liberalised Remittance Scheme of RBI, it added.
The agency ED had earlier conducted search operations on August 1, 2023 with respect to P K Munjal and related entities/persons and seized valuables worth Rs 25 crore along with digital evidences and other incriminating evidences. The total value of seizure and attachment now stands at about Rs 50 crore.
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