The Central agency of India, the Enforcement Directorate, has seized three properties belonging to Pawan Munjal, the chairman of Hero Motor Corp. The market value of these properties is estimated to be around 25 crore rupees. This action was taken by the ED in connection to a case of money laundering.
This is not the first time the agency has seized properties belonging to Pawan Munjal. Previously, properties worth 25 crore rupees were also seized, bringing the total to 50 crore rupees. Munjal has been accused of illegally transferring 54 crore rupees outside the country. As a result, the agency initiated action against him.
On August 1, 2023, the agency conducted raids at 12 locations in Delhi and Gurugram belonging to Munjal. During the raids, foreign currency, gold, and jewelry worth 25 crore rupees were seized. Subsequently, the Directorate of Revenue Intelligence (DRI) prepared a chargesheet for money laundering and carried out raids at multiple locations, naming Pawan Munjal, Amit Bali, Hemant Dahiya, and KR Raman.
Apart from Pawan Munjal, the employees of SALT Experience and Management Private Limited have also been targeted by the agency. They have been accused of conducing foreign currency transactions totaling 54 crore rupees on behalf of Pawan Munjal.
The investigation revealed that SALT Experience and Management Private Limited had obtained foreign currency in the names of employees, including Hemant Dahiya, Mudit Agarwal, Amit Makkar, Gautam Kumar, Vikram Bajaj, and Ketan Kakkar, all of whom had never traveled abroad. It was found that a close associate of Pawan Munjal had taken 40 crore rupees in foreign currency abroad, which Munjal used for personal and business expenses.
The company is also accused of obtaining foreign currency and travel forex cards in the names of other employees. This amount exceeded the limit set by the Indian government at 250,000 US dollars, leading to the agency taking action against them.
Summery:
1. The Central Enforcement Directorate of India has seized three properties of Hero MotoCorp Chairman Pawan Munjal valued at around 25 crore rupees due to money laundering allegations.
2. This is the second time that the agency has confiscated properties belonging to Pawan Munjal, bringing the total to 50 crore rupees.
3. Munjal is accused of illegally taking 54 crore rupees out of the country, leading to an investigation and search operations at 12 locations in Delhi and Gurugram on August 1, 2023.
4. The investigation also targeted employees of Salt Experience & Management Private Limited (SEMPL) for allegedly taking foreign currency abroad.
5. These employees are accused of taking a larger sum of foreign currency beyond the limit set by the Indian government, leading to further scrutiny of their activities.
6. Munjal’s close associate is alleged to have taken 40 crore rupees of foreign currency abroad for his personal and business use.
