The Directorate of Enforcement (ED) conducted searches under the PMLA at 12 locations in Delhi and Gurugram on August 1, 2023, in connection with a case of money laundering involving P K Munjal, Chairman & MD of M/s Hero Motocorp Limited, M/s Hero Fincorp Limited, and employees of M/s Salt Experience and Management Pvt. Ltd (SEMPL).
Based on the Prosecution Complaint filed by the Directorate of Revenue Intelligence (DRI) u/s 135 of the Customs Act, 1962 before the CMM, New Delhi, P K Munjal, Chairman and CMD of M/s Hero Motocorp, M/s SEMPL, Amit Bali, Hemant Dahiya, K R Raman, and others were the targets of investigations by the ED under the PMLA. During the years 2014–2015 to 2018–2019, the SEMPL unlawfully exported foreign currency worth around INR 54 crore to a number of nations. This money was eventually utilised for P. K. Munjal’s personal needs.
According to an investigation by the ED, M/s. SEMPL issued foreign currency in the amount of approximately Rs 14 crore in the names of its officials and employees Hemant Dahiya, Mudit Aggarwal, Amit Makker, Gautam Kumar, Vikram Bajaj, and Ketan Kakkar in various financial years, over and above the annual permissible limit of USD 2,50,000/-. Additionally, SEMPL has taken out a sizable quantity of foreign exchange and travel forex cards in the names of other employees who didn’t even travel overseas.
According to the investigation, one of P K Munjal’s close associates was able to unlawfully export almost Rs 40 crore in foreign currency to cover the costs of P K Munjal’s international visits for either personal or professional reasons.
The ED has recovered and seized foreign currency, cash, gold, and diamond jewellery (including gold of foreign origin) worth approximately 25 crores from the homes and offices of P K Munjal, Hemant Dahiya, K R Raman, M/s Hero Motocorp Limited, and M/s Hero Fincorp Limited, along with some incriminating documents like digital pieces of evidence, hard discs, mobiles, etc. Further research is now being conducted.
