ED Attaches Three Properties Worth Rs 24 Crore of Hero MotoCorp CMD and Chairman Pawan Munjal in Money Laundering Case
The ED probe found that Munjal got issued “foreign exchange or foreign currency” in the name of other persons and thereafter utilised the same for his personal expenditure abroad.
New Delhi, November 10: In a massive action against the Hero Moto Corp CMD and Chairman, Pawan Munjal, the Enforcement Directorate (ED) on Friday said that it has attached three immovable properties located in Delhi worth Rs 24.95 crore. The ED said that the three properties belonging to Munjal were attached under the Prevention of Money Laundering Act, 2002.
The ED probe found that Munjal got issued “foreign exchange or foreign currency” in the name of other persons and thereafter utilised the same for his personal expenditure abroad. ED Attaches Assets Worth Rs 503 Crore of Jet Airways Founder Naresh Goyal, Others in London, Dubai.
“The foreign currency or 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,” the ED said. It said that the relationship manager carried such foreign currency or foreign exchange in cash or card secretly for the personal expenditure of Munjal during his personal or business trips. “The modus was adopted to override the limits of US$ 2.5 lakh per annum per person under the Liberalised Remittance Scheme,” the ED said. ED Suspends Its Official Arrested by Rajasthan Anti-Corruption Bureau in Graft Case; Launches Money Laundering Probe.
The ED had earlier conducted search operations on August 1 with respect to Munjal and related entities or persons, and seized valuables worth Rs 25 crore along with digital evidence and other incriminating documents. “The total value of seizure and attachment stands at about Rs 50 crore,” the ED said.
The ED case is on the basis of a charge sheet filed by Directorate of Revenue intelligence (DRI) against Munjal and others for taking foreign exchange or currency out of India illegally. The charge sheet alleges that foreign currency or foreign exchange equivalent to Rs 54 crore was illegally taken out of India.
(The above story first appeared on LatestLY on Nov 10, 2023 01:23 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).