ED seized assets worth Rs.24.95 crore of Hero MotoCorp’s Pawan Munjal

The Enforcement Directorate (ED) announced on Friday that it had attached Hero MotoCorp executive chairperson Pawan Kant Munjal’s assets worth Rs 24.95 crore as part of a money laundering investigation. The government agency stated in a statement that three of Munjal’s immovable properties in Delhi had been provisionally attached under the terms of the Prevention of Money Laundering Act (PMLA).

The government agency stated in a statement that three of Munjal’s immovable properties in Delhi had been provisionally attached under the terms of the Prevention of Money Laundering Act (PMLA).

Munjal is the CMD and Chairman of Hero MotoCorp Ltd, according to the statement, and the assets are valued at Rs 24.95 crore.

The ED conducted searches on Munjal and his enterprises in August after filing a PMLA case against him after taking cognisance of a Directorate of Revenue Intelligence (DRI) charge sheet accusing him of illegally moving foreign exchange/ currency out of India.

The Enforcement Directorate (ED) said that the prosecution charge, foreign currency/ foreign exchange worth Rs 54 crore was illegally moved out of India.