ED attaches Rs 24.95 cr worth properties of Hero MotoCorp’s Pawan Kant Munjal

PTI, Nov 10, 2023, 1:00 PM IST

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

Three immovable properties of 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.

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

The ED had carried out raids against 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 Rs 54 crore was illegally taken out of India,” the ED said.