NEW DELHI: The Enforcement Directorate (ED) on Tuesday conducted search operations at the residence of Hero MotoCorp executive Chairperson Pawan Kant Munjal and other locations associated with the two-wheeler company as part of a money laundering investigation
According to ED officials, the searches were conducted in Delhi and Gurugram apart from that of some linked entities. The raids were launched after the ED registered a case against them under the provisions of the Prevention of Money Laundering Act (PMLA).
Confirming the search operations, Hero MotoCorp said, “Officials from the Enforcement Directorate today visited two of our offices in Delhi and Gurugram and the residence of our Executive Chairman Dr Pawan Munjal. We continue to extend all cooperation to the agency.”
The ED search comes from a complaint filed against the 69-year-old billionaire by the Directorate of Revenue Intelligence (DRI), an investigative arm of the Central Board of Indirect Taxes and Customs (CBIC), according to sources.
The ED is said to have also taken into account a Customs department case against Munjal and an executive belonging to a “third party service provider” company that was hired by Hero MotoCorp to accompany and look after the travel and logistics arrangements for the billionaire during a business trip to London in August 2018.
Customs authorities are stated to have apprehended the executive on information from the Central Industrial Security Force (CISF). The CISF had seized foreign currency worth over Rs 81 lakh in his hand baggage during security checks just before the executive was supposed to take a British Airways flight to London along with Munjal from Delhi international airport on August 20, 2018.