Hero MotoCorp Executive Chairman Pawan Kant Munjal (File photo)
The Enforcement Directorate (ED) on Friday said it has booked Hero MotoCorp Executive Chairman Pawan Kant Munjal as part of its probe into a money laundering case worth Rs. Assets worth 24.95 crores have been seized. Three immovable properties of Munjal in Delhi have been temporarily attached under the provisions of the Prevention of Money Laundering Act (PMLA), the Central Investigation Agency said in a statement.
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According to the statement, Munjal is the CMD (Chairperson and Managing Director) and Chairman of Hero MotoCorp Limited and has a net worth of around Rs 24.95 crore.
The ED conducted the raids in August after registering a case against Munjal and his companies under the PMLA. The case was filed after the Directorate of Revenue Intelligence (DRI) took cognizance of a charge sheet accusing him of illegally bringing foreign currency from India.
“The complaint filed by the prosecution alleged that foreign currency worth Rs 54 crore was illegally taken out of India,” the ED said.
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