NEW DELHI: In a fresh setback for Hero MotoCorp chairman and managing director Pawan Kant Munjal, the Enforcement Directorate (ED) on Friday said it has seized assets worth Rs 50 crore belonging to the entrepreneur in connection with a money laundering probe.
The seizures include his three immovable properties worth Rs 25 crore located in Delhi. As per the central probing agency, Munjal violated the Reserve Bank of India’s liberalised remittance scheme (LRS) norms by illegally taking foreign currency and valuable items worth Rs 54 crore abroad and later using the same for his personal expenses.
This announcement by the ED comes a day after it was reported that the Delhi High Court has put a stay on proceedings related to undisclosed foreign currency against Munjal. The Court had said that the stay would apply to all cases emanating from the matter till the next date of hearing in February 2024.“ED had earlier conducted search operations on 01.08.2023 with respect to P K Munjal and related entities/persons and seized valuables worth Rs. 25 Crore (approx) along with digital evidences and other incriminating evidences. The total value of seizure and attachment stands at about Rs 50 crore,” the agency said in a statement.
The ED initiated an investigation against Munjal and others over a complaint filed by the Directorate of Revenue Intelligence (DRI) u/s 135 of the Customs Act, 1962 for taking foreign exchange/currency out of India illegally.
ED claims that its investigation has revealed that foreign exchange/ foreign currency was drawn from authorised dealers by an event management company (Salt Experience and Management Pvt Ltd (SEMPL)) in the name of various employees and thereafter handed over to Munjal’s relationship manager. The relationship manager is accused of carrying foreign currency/ foreign exchange in cash/ card secretly, for the personal expenditure of Munjal during his personal/ business trips.
Munjal case
As per ED, Munjal violated RBI’s LRS norms by illegally taking foreign currency, valuable items worth Rs 54 crore abroad and later using the same for his personal expenses