ED attaches Munjal assets worth Rs 25 cr under PMLA provisions

The ED has initiated investigation on the basis of a prosecution complaint filed by the Directorate of Revenue Intelligence (DRI) under Section 135 of the Customs Act against Munjal and others for taking foreign exchange/currency out of India illegally.

Pawan Kant Munjal

Listen to this article

00:00

1x 1.5x 1.8x

The Enforcement Directorate on Friday said it has attached three immovable properties — land worth around Rs 24.95 crore in Delhi — of Hero MotoCorp executive chairperson Pawan Kant Munjal under the provisions of the Prevention of Money Laundering Act (PMLA). The agency has alleged that Munjal used foreign currency issued in the name of other persons for his personal expenditure abroad to override RBI rules.

The ED has initiated investigation on the basis of a prosecution complaint filed by the Directorate of Revenue Intelligence (DRI) under Section 135 of the Customs Act against Munjal and others for taking foreign exchange/currency out of India illegally. “The prosecution complaint alleges that foreign currency/foreign exchange equivalent to Rs 54 crore was illegally taken out of India,” an ED spokesperson said.

“ED investigation has revealed that Munjal got issued foreign exchange/foreign currency in the name of other persons and utilised the same for his personal expenditure abroad. The foreign currency was drawn from authorised dealers by an event management company in the name of various employees and thereafter handed over to Munjal’s relationship manager,” the agency alleged.

Story continues below this ad

“The relationship manager carried such foreign currency in cash/card secretly, for the personal expenditure of Munjal during his personal/business trips. The modus operandi was adopted to override the limits of USD 2.5 lakh per annum per person under the Liberalised Remittance Scheme,” the spokesperson said.

The ED had on August 1 conducted raids with respect to Munjal and related entities and seized valuables worth around Rs 25 crore, along with digital proof and other incriminating evidence. The total value of the seizure and attachments stands at Rs 50 crore.

Stay updated with the latest - Click here to follow us on Instagram