ED raids at premises of Chairman and MD of Hero Motocorp and Fincrop Limited

The Directorate of Enforcement (ED) conducted searches under PMLA at 12 locations in Delhi and Gurugram in a case of money laundering and raided the residence of P K Munjal, Chairman and MD of M/s Hero Motocorp Limited, M/s Hero Fincorp Limited and employees of M/s Salt Experience and Management Pvt. Ltd (SEMPL).

ED initiated investigations under PMLA, based on the Prosecution Complaint filed by Directorate of Revenue intelligence (DRI) u/s 135 of the Customs Act, 1962 before CMM, New Delhi for carrying, attempting to export and illicit export of prohibited items i.e. foreign currency, against P K Munjal, Chairman and CMD of M/s Hero Motocorp, M/s SEMPL, Amit Bali, Hemant Dahiya, K R Raman and others.

The SEMPL unlawfully exported foreign currency worth around INR 54 crore to various countries from 2014-2015 to 2018-2019, which was then utilised for P K Munjal’s personal purposes.

ED investigation revealed that M/s. SEMPL issued foreign exchange in the name of its officials/employees Hemant Dahiya, Mudit Aggarwal, Amit Makker, Gautam Kumar, Vikram Bajaj, and Ketan Kakkar in excess of the annual permissible limit of USD 2,50,000/- in various financial years.

Further, SEMPL has also drawn Foreign Exchange/ travel forex card in huge amount in the name of other employees, who didn’t even travel abroad. Investigation revealed that one of the key associate of P K Munjal, managed to illegally export approximately Rs. 40 Crore worth of foreign currency for meeting the expenses of P K Munjal during his personal or business foreign trips.

During the search proceedings, the ED has recovered and seized foreign currency, cash, gold and diamond jewellery (including foreign origin gold) worth 25 Crore (approx.) along with certain incriminating documents including digital evidences, hard disks, mobiles etc from the residential and business premises of P K Munjal, Hemant Dahiya, K R Raman, M/s Hero Motocorp Limited and M/s Hero Fincorp Limited.

Further investigation is under progress