After raids on Munjal and other employees of Hero MotoCorp, the ED seizes Rs 25 crore worth of cash and jewelry
Following searches on Pawan Kant Munjal, executive chairman of Hero MotoCorp, and a few other people, the Enforcement Directorate said on Wednesday that it had also taken “incriminating” papers, foreign and Indian currency, gold and diamond jewelry valued at nearly Rs 25 crore, and “incriminating” paperwork.
In addition to some other organizations, the federal agency conducted a search on the 69-year-old billionaire businessman’s homes and offices on Tuesday in Delhi and the nearby city of Gurugram. He is the promoter of India’s biggest two-wheeler vehicle company.
In a statement, it claimed that Salt Experience and Management Pvt. LTd. (SEMPL), a “third party service provider” company, “illegally exported foreign currency equivalent to about Rs 54 crore to various countries during the period 2014-2015 to 2018-2019 which was ultimately used for personal expenses of P K Munjal.”
In addition to “incriminating” papers, foreign and Indian money, gold and diamond jewelry worth roughly Rs 25 crore, and the homes and offices of Munjal, Hemant Dahiya, K R Raman, Hero MotoCorp Limited, and Hero Fincorp Limited were searched.
The Directorate of Revenue Intelligence (DRI), the investigative branch of the Central Board of Indirect Taxes and Customs (CBIC), filed a charge sheet that is the basis for the money laundering case that the ED is looking into.
