Hero MotoCorp: The Enforcement Directorate has attached three properties worth Rs 24.95 crore of Hero MotoCorp Chairman Pawan Munjal in New Delhi under the provisions of the Prevention of Money Laundering Act, 2002. According to media reports, ED officials initiated the investigation on the basis of a prosecution complaint filed by the Directorate of Revenue Intelligence (DRI) under Section 135 of the Customs Act, 1962 against Chairman PK Munjal and booked the CMD of M/s Hero MotoCorp and others for illegal activities. There is an allegation of carrying foreign currency from India.
what was said in the complaint
This comes a day after the Delhi High Court stayed proceedings against Munjal related to undisclosed foreign exchange. The court had said that this stay will remain applicable on all matters related to the case till the next date of hearing in February next year. However, the complaint filed by him alleges that Rs 54 crore was illegally taken out of India. The ED investigation revealed that the business tycoon issued foreign currency in the name of other persons and then used it for his personal expenses abroad. The ED said the foreign exchange was withdrawn from dealers in the names of various employees by an event management company and then handed over to Munjal’s relationship manager.
Earlier, the ED had conducted a search operation in relation to Munjal and other related people on August 1 this year and had seized valuables worth around Rs 25 crore along with digital evidence and other incriminating evidence. The total value of seizure and attachment is approximately Rs 50 crore. By Friday afternoon, Hero MotoCorp shares fell 1.04 per cent to Rs 3,134.45.