“Enforcement Directorate Seizes ₹24.95 Crore Assets in Money Laundering Probe Against Hero MotoCorp’s Pawan Munjal”
The Enforcement Directorate has provisionally attached assets valued at ₹24.95 crore belonging to Hero MotoCorp’s executive chairperson, Pawan Kant Munjal, as part of a money laundering investigation. The assets, including three immovable properties in Delhi, were seized under the Prevention of Money Laundering Act (PMLA). The action follows raids conducted in August, prompted by allegations of illegal foreign exchange transactions amounting to ₹54 crore. The investigation is ongoing, uncovering potential financial misconduct by the prominent figure in the business world.
In a significant development, the Enforcement Directorate has taken a decisive step in the ongoing money laundering investigation against Hero MotoCorp’s executive chairperson, Pawan Kant Munjal, by provisionally attaching assets worth ₹24.95 crore.
The central agency, acting under the provisions of the Prevention of Money Laundering Act (PMLA), disclosed on Friday that three immovable properties owned by Pawan Munjal in Delhi have been seized as part of the investigation. Pawan Munjal serves as the CMD and Chairman of Hero MotoCorp Ltd, one of India’s leading two-wheeler manufacturers.
The Enforcement Directorate’s move comes in the aftermath of raids conducted in August, targeting Pawan Munjal and his associated companies. The money laundering investigation was initiated following the filing of a PMLA case against him, prompted by a Directorate of Revenue Intelligence (DRI) charge sheet. The charge sheet accused Munjal of engaging in the illegal outflow of foreign exchange/currency from India.
“The prosecution complaint alleges that foreign currency/foreign exchange equivalent to ₹54 crore was illegally taken out of India,” stated the Enforcement Directorate.
The provisionally attached assets include three immovable properties in Delhi, collectively valued at ₹24.95 crore. The Enforcement Directorate’s action highlights the seriousness of the allegations and signifies a significant development in the investigation into potential financial irregularities involving the high-profile business personality.
The Enforcement Directorate has been actively pursuing the case, aiming to uncover the intricacies of the alleged money laundering activities. The ongoing investigation seeks to establish the extent of Munjal’s involvement in the illicit financial transactions and any potential connections to a wider network.
As the legal proceedings unfold, the fate of Pawan Munjal’s assets remains uncertain, pending further investigations and judicial actions. The enforcement agency is determined to bring clarity to the case and ensure that justice prevails in matters of financial wrongdoing.
Sources By Agencies
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