Hero MotoCorp’s Pawan Munjal’s Properties Worth ₹ 24.95 Crore Seized Enforcement Directorate

The Enforcement Directorate on Friday said it has attached assets worth ₹ 24.95 crore of Hero MotoCorp executive chairperson Pawan Kant Munjal as part of a money laundering investigation against him.

Three immovable properties of Pawan Munjal located in Delhi have been provisionally attached under the provisions of the Prevention of Money Laundering Act (PMLA), the central agency said in a statement.

Pawan Munjal, it said, is the CMD and Chairman of Hero MotoCorp Ltd and the assets are worth about ₹ 24.95 crore.

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The Enforcement Directorate had carried out raids against Pawan Munjal and his companies in August after filing a PMLA case against him that was filed after taking cognisance of a Directorate of Revenue Intelligence (DRI) charge sheet that accused him of taking foreign exchange/currency out of India illegally.

“The prosecution complaint alleges that foreign currency/foreign exchange equivalent to ₹ 54 crore was illegally taken out of India,” the Enforcement Directorate said.