ED attaches ₹24.95 crore worth of properties belonging to hero motocorp chairman Pawan Munjal in Delhi

The Enforcement Directorate (ED) has taken a significant step in the ongoing investigation against Pawan Munjal, Chairman and CMD of Hero MotoCorp, by attaching three properties valued at ₹24.95 crore in New Delhi. This action was initiated under the provisions of the Prevention of Money Laundering Act, 2002, based on a prosecution complaint filed by the Directorate of Revenue Intelligence (DRI) under section 135 of the Customs Act, 1962.

The DRI's complaint alleges the illegal export of foreign exchange currency amounting to ₹54 crore from India. The investigation claims that Munjal obtained foreign currency in the names of others, utilizing it for personal expenditures abroad, thereby surpassing the annual limit of USD 2.5 lakh per person under the Liberalised Remittance Scheme.

In an earlier development on August 1, the ED conducted "search operations" at Munjal's premises, seizing valuables totaling ₹25 crore and acquiring digital evidence. The overall value of the assets seized and attached now stands at around ₹50 crore. It's worth noting that in March 2022, the income tax department had also conducted searches at Hero MotoCorp offices over alleged tax evasion, extending their investigation to Munjal's residence. The DRI's prosecution complaint includes charges against PK Munjal, a third-party service provider called Salt Experience and Management Pvt. Ltd. (SEMPL), and several individuals for the illicit export of prohibited items, specifically foreign currency.