Delhi Police registers FIR against Hero MotoCorp’s Pawan Munjal, stock tumbles 2.75%
Who is Pawan Munjal? Hero MotoCorp confirms ‘ED visit’ at Chairman's residence; here's what we know In August of this year, the Enforcement Directorate (ED) conducted searches related to a money laundering investigation involving Munjal and others, according to official sources as reported by PTI. The searches took place at the 69-year-old billionaire businessman's residential and business premises in Delhi and neighbouring Gurugram, as well as at locations associated with some linked entities.
The ED initiated these raids following the registration of a case against them under the provisions of the Prevention of Money Laundering Act (PMLA), the sources added. Also Read: Hero MotoCorp informs about Sunil Munjal's exit, family settlement agreement as per 2016 plan The company issued a statement acknowledging the ED's visit to two offices in Delhi and Gurugram, along with the residence of their Executive Chairman, Dr Pawan Munjal.
The statement emphasized the company's commitment to cooperating with the agency. The ED case originates from a complaint filed against Munjal by the Directorate of Revenue Intelligence (DRI), an investigative branch of the Central Board of Indirect Taxes and Customs (CBIC), the report added.
According to reports, Customs authorities apprehended the executive based on information from the Central Industrial Security Force (CISF). During security checks just before the executive and Munjal were to board a British Airways flight to London from the Delhi international airport on August 20, 2018, CISF discovered foreign currency exceeding ₹81 lakh in his hand baggage.
Read more on livemint.com
