Hero MotoCorp ED: ED has raided Hero MotoCorp's executive chairperson Pawan Kant Munjal, in which Rs 25 crore cash and some valuables have been recovered.
New Delhi: The Enforcement Directorate (ED) on Tuesday raided the premises of Hero MotoCorp executive chairperson Pawan Kant Munjal and others in connection with a money laundering probe and recovered foreign and Indian currencies, gold and currency worth about Rs 25 crore. Seized some ‘incriminating’ documents besides diamond jewelry.
The ED on Tuesday carried out searches at the residential and business premises of 69-year-old Munjal, a well-known businessman and promoter of the country’s largest two-wheeler maker, in Delhi and Gurugram and some other premises linked to him.
What is the matter?
According to a statement issued by the federal probe agency, third party service provider company Salt Experience and Management Pvt Ltd (SEMPL) has illegally siphoned off foreign exchange to the tune of about Rs 54 crore in various countries during the period from 2014-2015 to 2018-2019. taken out of the way.
It was used for PK Munjal’s personal expenses. During searches at the residential and business premises of Munjal, Hemant Dahiya, K.R.Raman, Hero MotoCorp Ltd. and Hero Fincorp Ltd., foreign and Indian currencies worth about Rs 25 crore, gold and diamond ornaments, besides ‘objectionable’ items were recovered, the statement said. The documents were seized.
The ED is conducting the probe on the basis of a complaint lodged against Munjal by the Directorate of Revenue Intelligence, the investigative wing of the Central Board of Indirect Taxes and Customs (CBIC). The ED is also understood to have taken cognizance of the case registered by the Customs Department against Munjal and the executive of the third party service provider company. Hero MotoCorp hired the company in August 2018 to arrange for Munjal’s business trip to London.