New Delhi, Aug 2 The Enforcement Directorate (ED) on Monday said that they raided several locations belonging to Pawan Munjal, Chairman & MD of Hero Motocorp Limited, Hero Fincorp Limited and employees of Salt Experience, Management Pvt. Ltd (SEMPL) -- in connection with a money laundering case, and seized jewellery as well as foreign currency having a face value of Rs 25 crore.
Munjal has been accused by the ED of sending foreign currency worth Rs 54 crore abroad during the period of 2014-15 to 2018-19.
Additionally, there are allegations of taking Rs 40 crore of foreign currency abroad for a close associate of Munjal.
The raids were conducted in Delhi and Gurugram on August 1.
The ED initiated an investigation under the PMLA based on the Prosecution Complaint filed by Directorate of Revenue intelligence (DRI) for carrying, attempting to export and illicit export of prohibited items i.e. foreign currency, against PK Munjal, Chairman and CMD of Hero Motocorp, SEMPL, Amit Bali, Hemant Dahiya, K R Raman and others.
The SEMPL had illegally exported foreign currency equivalent to approximately Rs 54 crore to various countries during the period 2014-2015 to 2018-2019 which was ultimately used for personal expenses of Munjal.
The ED investigation revealed that SEMPL got issued foreign exchange to the tune of approximately Rs 14 crore. Investigation revealed that one of the key associates of PK Munjal, managed to illegally export approximately Rs 40 crore worth of foreign currency for meeting the expenses of PK Munjal during his personal or business foreign trips.
"During the search proceedings, the ED has recovered and seized foreign currency, cash, gold and diamond jewellery (including foreign-origin gold) worth Rs 25 crore (approximately) along with certain incriminating documents including digital evidence, hard disks, mobiles etc., from the residential and business premises of Munjal, Hemant Dahiya, KR Raman, Hero Motocorp Limited and Hero Fincorp Limited," said the official.
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