ED Seizes Assets Worth ₹25 Crore from Hero MotoCorp Chairman Pawan Munjal and Others

ED Seizes Assets Worth ₹25 Crore from Hero MotoCorp Chairman Pawan Munjal and Others

The Enforcement Directorate (ED) revealed that during their recent raids on properties belonging to Pawan Kant Munjal, the executive chairperson of Hero MotoCorp, and other individuals, they seized a significant amount of assets. The seized assets include both foreign and Indian currencies, gold, diamond jewellery, and other valuable items. The total worth of the seized assets is estimated to be around ₹25 crore.

The ED conducted these raids as part of their investigation into possible financial irregularities or violations of the law. The details of the specific reasons behind the raids have not been disclosed yet, as the investigation is still ongoing.

As the investigation progresses, more information may be revealed about the nature and extent of the alleged financial improprieties. The ED’s actions indicate their commitment to ensuring transparency and accountability in financial transactions and preventing any misuse of funds or illegal activities.

The Enforcement Directorate (ED) conducted raids on the residence and offices of Pawan Kant Munjal, the executive chairperson of Hero MotoCorp, as well as other entities in Delhi and Gurugram. These raids were part of a money laundering investigation by the federal agency.

While the ED confirmed the seizure of foreign and Indian currencies, gold, diamond jewellery, and other valuable items worth around ₹25 crore during the raids, they did not provide detailed information on the exact amount seized from each location.

In response to the raids and investigation, Hero MotoCorp issued a statement expressing its full cooperation with the ED. The company assured that they are assisting the authorities in the investigation process.

As the investigation unfolds, further details may emerge regarding the specific allegations and findings related to the money laundering case. The ED’s actions demonstrate their commitment to tackling financial crimes and enforcing strict compliance with anti-money laundering laws.

As per their statement, the Enforcement Directorate seized foreign and Indian currencies, gold and diamond jewellery (including foreign-origin gold), and other valuable items amounting to approximately ₹25 crore during the raids on the residential and business premises of Pawan Kant Munjal, Hemant Dahiya, KR Raman, Hero MotoCorp Limited, and Hero Fincorp Limited.

In addition to the physical assets, the ED also seized incriminating documents, hard disks, and mobile devices, which may contain important evidence related to the money laundering investigation.

As the investigation progresses, the authorities will analyze the seized items and documents to gather more information about the alleged financial irregularities and determine the extent of any potential wrongdoing. The case is likely to be closely monitored to ensure transparency and adherence to the law during the process.

The case, registered under various sections of the Prevention of Money Laundering Act (PMLA), has its origins in a charge sheet filed by the Directorate of Revenue Intelligence (DRI) before a Delhi Court. The DRI’s charge sheet was filed under section 135 of the Customs Act, which deals with evasion of duty or prohibitions.

The prosecution complaint filed by the DRI alleges charges related to the carrying, attempting to export, and illicit export of prohibited items, specifically foreign currency. The individuals and entities named in the complaint include PK Munjal, the third-party service provider company Salt Experience and Management Pvt. Ltd. (SEMPL), as well as individuals Amit Bali, Hemant Dahiya, KR Raman, and others.

Based on the DRI’s charge sheet, the ED initiated the money laundering investigation, leading to the recent raids and seizures of assets and documents related to the case. The authorities will now proceed with further investigations and legal proceedings to establish any potential money laundering activities and determine appropriate actions as per the law.

According to the Enforcement Directorate (ED), the investigation revealed that Salt Experience and Management Pvt. Ltd. (SEMPL) was involved in the illegal export of foreign currency amounting to around ₹54 crore to various countries. This activity allegedly took place between the years 2014-2015 and 2018-2019. The ED further stated that the foreign currency, which was illegally exported, was ultimately used for the personal expenses of PK Munjal, the executive chairperson of Hero MotoCorp.

Based on these findings, the ED has taken action to seize assets, including foreign and Indian currencies, gold and diamond jewellery, from the residential and business premises of PK Munjal, Hemant Dahiya, KR Raman, Hero MotoCorp Limited, and Hero Fincorp Limited. The agency will continue its investigations to ascertain the extent of money laundering activities and identify any other individuals or entities involved in the case. Legal proceedings will be conducted in accordance with the provisions of the Prevention of Money Laundering Act (PMLA) and other relevant laws.

The Enforcement Directorate (ED) has alleged that Salt Experience and Management Pvt. Ltd. (SEMPL) was involved in fraudulent practices related to foreign exchange. According to the ED, SEMPL obtained foreign exchange to the tune of approximately ₹14 crore in the names of its officials/employees, such as Hemant Dahiya, Mudit Aggarwal, Amit Makker, Gautam Kumar, Vikram Bajaj, and Ketan Kakkar, exceeding the permissible annual limit of USD 250,000 in various financial years.

Furthermore, the ED revealed that SEMPL obtained large amounts of foreign exchange and travel forex cards in the names of other employees who did not even travel abroad. The investigation indicated that one of the key associates of PK Munjal (the executive chairperson of Hero MotoCorp) was involved in illegally exporting approximately ₹40 crore worth of foreign currency to meet the personal or business expenses of PK Munjal during his foreign trips.

The ED’s findings suggest that SEMPL and its associates were engaged in illicit practices related to foreign exchange and that the exported currency was used for personal expenses, potentially constituting a violation of foreign exchange regulations. The agency will continue its investigations to gather further evidence and establish any possible connections between the individuals involved in these activities. Legal actions will be taken in accordance with the relevant laws to address the alleged violations and ensure accountability.