ED attaches properties worth ₹24 cr of Hero MotoCorp CEO Pawan Munjal
₹24.95 crore of Pawan Munjal, CMD of Hero MotoCorp, in Delhi. The probe agency attached three immovable properties located in the national capital under the provisions of the Prevention of Money Laundering Act, 2002 belonging to Munjal. According to a press statement by the anti-money laundering agency, ED officials initiated the investigation on the basis of a "Prosecution Complaint filed by Directorate of Revenue Intelligence (DRI) u/s 135 of the Customs Act, 1962 against P K Munjal, Chairman and CMD of M/s Hero Motocorp and others for taking foreign exchange/currency out of India illegally".
The complaint alleges that Foreign Currency/ Foreign Exchange equivalent to Rs. 54 Crore was illegally taken out of India. ED probe revealed that the business tycoon got issued foreign exchange/ foreign currency in the name of other persons and thereafter utilised the same for his personal expenditure abroad.
The foreign exchange was drawn from authorised dealers by an event management company in the name of various employees and thereafter handed over to Munjal's relationship manager, ED said. The agency added that Munjal's relationship manager carried such foreign currency/ foreign exchange in cash/ card secretly during the personal/business trips of the CEO. "The modus was adopted to override the limits of $2.5 Lakh per annum per person under the Liberalised Remittance Scheme," according to ED's statement.
Earlier, ED conducted a search operation on 1 August this year with respect to Munjal and other related people and seized valuables worth ₹25 crore (approx) along with digital evidence and other incriminating evidence. The total value of seizure and attachment stands at about ₹50 Crore. (More details awaited. Kindly refresh
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