ED Freezes Hero MotoCorp Chairman’s Assets Worth ₹24.95 Cr in Money-Laundering Probe
ED's crackdown on Hero MotoCorp chief Pawan Kant Munjal intensifies as assets worth Rs 24.95 crore provisionally attached in forex violation case.
New Delhi: The Enforcement Directorate revealed on Friday that assets totalling Rs 24.95 crore belonging to Pawan Kant Munjal, the Executive Chairperson of Hero MotoCorp, have been attached as part of an ongoing money-laundering investigation.
The action, taken under the Prevention of Money Laundering Act (PMLA) provisions, involves the provisional attachment of three immovable properties owned by Munjal in Delhi.
Pawan Kant Munjal, who holds the positions of CMD and Chairman at Hero MotoCorp Ltd, is the focal point of the investigation, with the attached assets valued at approximately Rs 24.95 crore. The Enforcement Directorate initiated raids against Munjal and his companies in August, following the filing of a PMLA case. This case was prompted by the Directorate of Revenue Intelligence charge sheet, which accused Munjal of unlawfully taking foreign exchange/currency out of India.
According to the ED’s statement, the prosecution complaint asserts that Munjal is implicated in illegally transferring foreign currency equivalent to Rs 54 crore out of India.