The Enforcement Directorate announced on Friday that it has seized assets worth Rs 24.95 crore belonging to Pawan Kant Munjal, the executive chairman of Hero MotoCorp, as part of a money laundering investigation. The agency stated that three properties owned by Munjal in Delhi have been provisionally attached under the Prevention of Money Laundering Act (PMLA). Munjal, who serves as the CMD and Chairman of Hero MotoCorp Ltd, possesses assets valued at approximately Rs 24.95 crore.
The Enforcement Directorate conducted raids against Munjal and his companies in August following the filing of a PMLA case against him. The case was initiated after the Directorate of Revenue Intelligence (DRI) charge sheet accused him of illegally taking foreign exchange out of India. According to the prosecution complaint, Munjal is alleged to have taken foreign currency/foreign exchange equivalent to Rs 54 crore out of India unlawfully.
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