ED seizes property from Hero MotoCorp’s Pawan Munjal

This is to inform you that the money laundering case against the chairman of Hero MotoCorp Pawan Munjal has taken a new turn as the enforcement directorate attached Rs 50 crore assets with the case. Yes, you heard it right, Pawan Munjal’s assets worth Rs 50 crore have been provisionally attached to the investigation against him in the money laundering case. The enforcement directorate allegedly unlawfully moved foreign currency abroad. Hero MotoCorp Executive Chairman Pawan Munjal has been the topic of the town since ED provisionally attached his Rs 50 crore assets to the money laundering case. Many have been taking over the internet and seeking the latest updates on this case. If you are also doing the same, stick with this page and go through it till the end.

Pawan Munjal

Since it was announced that ED attached Pawan Munjal’s Rs 50 Crore assets to the investigation into the money laundering case, people are keen to know what are those assets. Reportedly, among the multiple assets three are immovable assets in the form of land or properties located in Delhi, the enforcement directorate said on Friday in a statement. Swipe down the page and read more details.

Pawan Munjal is accused of missing the liberalized remittance scheme of the Reserve Bank of India by unlawfully moving foreign currency and valuable items worth Rs 54 crore abroad to use them for personal use. The central agency said, “The foreign currency was drawn from authorized dealers by an event management company in the name of various employees and thereafter handed over to Munjal’s relationship manager. The relationship manager carried such foreign currency in cash or card secretly for the personal expenditure of Munjal during his personal or business trips,” It further added, “The modus was adopted to ‘override’ the limits of the LRS,”

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RBI’s LRS scheme lets residents including minors remit up to $250,000 in capital or current account transactions in a financial year. Meanwhile, ED began its investigation after a prosecution complaint against the executive chairman of Hero MotoCorp and others by DRI (the Directorate of Revenue Intelligence) under Section 135 of the Customs Act 1962 for allegedly moving foreign currency out of India unlawfully. In August, the Enforcement Directorate conducted searches at 12 premises of Pawan Munjal, his companies, and related entities from where the agency recovered foreign currency, cash, gold, and diamond jewelry worth about Rs 25 crore. Stay tuned.

Amzad Khan
Amzad Khan

Hey there, guys. I am Amzad Khan. I enjoy writing on topics related to my interests in gaming and technology. My work has attracted a dedicated fan base thanks to the fresh and unexpected angle I bring to each piece.