Under the terms of the Prevention of Money Laundering Act, 2002, the Directorate of Enforcement (ED) has temporarily attached 03 immovable properties situated in Delhi valued at Rs. 24.95 Crore (approx.) belonging to Pawan Kant Munjal, CMD & Chairman, M/s Hero MotoCorp Ltd. Under the terms of the Prevention of Money Laundering Act, 2002, the Directorate of Enforcement (ED) has temporarily attached 03 immovable properties situated in Delhi valued at Rs. 24.95 Crore (approx.) belonging to Pawan Kant Munjal, CMD & Chairman, M/s Hero MotoCorp Ltd.
The inquiry was launched based on a Prosecution Complaint filed by the Directorate of Revenue Intelligence (DRI) under Section 135 of the Customs Act, 1962 against P K Munjal, Chairman and CMD of M/s Hero Motocorp, and others for unlawfully transferring foreign exchange/currency out of India. According to the prosecution charge, Rs. 54 crore in foreign currency/foreign exchange was unlawfully moved out of India. An ED inquiry found that Pawan Kant Munjal obtained foreign exchange/foreign cash in the name of other people and then used it for his expenses overseas.
The foreign currency/foreign exchange was obtained from authorized dealers in the names of numerous workers by an event management business and then transferred to Pawan Kant Munjal’s relationship manager. The relationship manager surreptitiously carried such foreign currency/foreign exchange in cash/card for Pawan Kant Munjal’s expenses on his personal/business visits.
The method was used to circumvent the Liberalised Remittance Scheme’s annual restriction of USD 2.5 Lakh per individual. On 01.08.2023, the ED conducted search operations about P K Munjal and linked entities/persons and recovered assets worth Rs. 25 Crore (estimated) along with digital evidence and other damning evidence. The overall amount of the seizure and attachment is estimated to be around Rs. 50 crore. Further research is being conducted.
