Hero MotoCorp Chairman Pawan Munjal’s Delhi Properties Worth Over Rs 24 Cr Attached by ED
Pawan Munjal, chairman of Hero MotoCorpOpens
Pawan Munjal, chairman of Hero MotoCorp
The Enforcement Directorate (ED) on Friday attached three immovable properties worth Rs 24.95 crore of Hero MotoCorp executive chairperson Pawan Kant Munjal in New Delhi under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.
The attachment came as part of an ongoing money laundering investigation against Munjal. The ED alleges that Munjal and his associates illegally sent foreign currency equivalent to Rs 54 crore out of India between 2014 and 2019. The foreign currency was allegedly used for Munjal’s personal expenses, including travel and accommodation.
The ED has also seized assets worth Rs 25 crore from Munjal during its searches. The total value of seizure and attachments now stands at approximately Rs 50 crore.
Munjal has denied all the allegations against him and has said that he will cooperate fully with the investigation. He has also said that the attachment of his properties is a “temporary setback” and that he is confident that he will be cleared of all charges.
The case is currently under investigation and no charges have been filed against Munjal yet.
In a statement, the ED said that the attachment of the properties was made “to freeze the proceeds of crime and to prevent their disposal.” The ED added that it will continue its investigation in the matter.
The attachment of Munjal’s properties is the latest in a series of actions taken by the ED against Munjal. In August, the ED had carried out searches at the premises of Munjal and his companies in connection with the money laundering case. The ED had also seized valuables worth Rs 25 crore during the searches.
The money laundering case against Munjal is based on a charge sheet filed by the Directorate of Revenue Intelligence (DRI) in June. The DRI had alleged that Munjal and his associates had illegally sent foreign currency out of India in violation of the Foreign Exchange Management Act (FEMA).
Munjal is a prominent figure in the Indian automotive industry. He has been the chairman of Hero MotoCorp, the world’s largest two-wheeler manufacturer, since 2001. He is also a member of the board of directors of several other companies, including Maruti Suzuki India Limited and Mahindra & Mahindra Limited.
The attachment of Munjal’s properties is likely to have a significant impact on his reputation and business interests. It is also likely to send a strong message to other businessmen that they will not be spared if they are found to be involved in illegal activities.
The ED alleges that Munjal and his associates illegally sent foreign currency equivalent to Rs 54 crore out of India between 2014 and 2019. The foreign currency was allegedly used for Munjal’s personal expenses, including travel and accommodation.
The ED has also seized assets worth Rs 25 crore from Munjal during its searches. The total value of seizure and attachments now stands at approximately Rs 50 crore.
Munjal has denied all the allegations against him and has said that he will cooperate fully with the investigation. He has also said that the attachment of his properties is a “temporary setback” and that he is confident that he will be cleared of all charges.
The case is currently under investigation and no charges have been filed against Munjal yet.
