ED Attaches ₹24.95 Crore Worth Properties of Hero MotoCorp Chairman Pawan Munjal in Money Laundering Case

The Enforcement Directorate (ED) has attached three properties valued at ₹24.95 crore belonging to Pawan Munjal, the Chairman and CMD of Hero MotoCorp, in New Delhi under the Prevention of Money Laundering Act, 2002. The ED launched an investigation based on a prosecution complaint filed by the Directorate of Revenue Intelligence (DRI) under the Customs Act, 1962, accusing Munjal and others of illegally taking foreign exchange currency out of India.

The complaint alleges that ₹54 crore in foreign currency was unlawfully moved out of India. The investigation revealed that Munjal obtained foreign exchange in the names of others, using it for personal expenditures abroad. The ED explained that an event management company drew the foreign currency in the names of various employees, which was then used for Munjal's personal/business trips, exceeding the limits of the Liberalised Remittance Scheme.

Earlier, in August, the ED conducted search operations at Munjal's premises, seizing valuables worth ₹25 crore and digital evidence. The total value of the seizure and attachment is approximately ₹50 crore. In March 2022, the income tax department conducted searches at Hero Motorcorp offices and Munjal's residence over alleged tax evasion. The DRI's prosecution complaint was filed against PK Munjal, Salt Experience and Management Pvt. Ltd. (SEMPL), and individuals, accusing them of illicitly exporting foreign currency. The ED alleged that SEMPL illegally exported ₹54 crore to various countries between 2014-2015 and 2018-2019, used for Munjal's personal expenses. SEMPL was issued foreign exchange exceeding the permissible limit in various financial years.