Hero MotoCorp Chairman Pawan Munjal on ED radar
In a major action, the Enforcement Directorate (ED) has attached three properties worth ₹24.95 crore of Hero MotoCorp CMD and Chairman Pawan Munjal in New Delhi under the Prevention of Money Laundering Act, 2002.
According to the investigating agency, the ED initiated the investigation against Munjal and others on the basis of a prosecution complaint filed by the Directorate of Revenue Intelligence (DRI) under Section 135 of the Customs Act, 1962 for illegally carrying foreign currency out of India.
the allegations are serious
“The prosecution complaint alleges that foreign exchange/foreign currency equivalent to Rs 54 crore was illegally taken out of India. ,
The ED also said that the investigation revealed that “Munjal issued foreign exchange/foreign currency in the name of other persons and thereafter used the same for his personal expenses abroad.”
“Foreign currency/foreign currency was withdrawn from authorized dealers by an event management company in the name of various employees and then handed over to the relationship manager of Pawan Kant Munjal. Relationship Manager Pawan Kant used to secretly carry such foreign exchange/foreign currency in cash/card for Munjal’s personal expenses during his personal/business trips. The central probe agency further said that this method was adopted to circumvent the limit of US$ 2.5 lakh per person per year under the liberalized remittance scheme.