Sunday, May 26, 2024

ED attaches Pawan Munjal’s properties

The Enforcement Directorate (ED) has attached three properties in New Delhi belonging to Hero MotoCorp chairman Pawan Munjal, valued at Rs 24.95 crore, under the Prevention of Money Laundering Act, 2002. The total seizure and attachment amount to around Rs 50 crore, as stated by the investigating agency. This development follows a Delhi High Court decision to stay proceedings related to undisclosed foreign currency against Munjal until the next hearing in February.

The case originated in 2018 when Amit Bali, an alleged close associate of Pawan Munjal, was apprehended at the airport carrying Rs 81 lakh in undisclosed foreign exchange. A Directorate of Revenue Intelligence probe revealed that between 2014-2019, Amit Bali and Salt Experience and Management Private Limited had sent Rs 54 crores in foreign currency to different countries for Pawan Munjal’s personal use.

In response, the Enforcement Directorate, the IT department, and the Ministry of Corporate Affairs initiated separate investigations based on the DRI case. ED searches resulted in the seizure of assets worth Rs 25 crores linked to Pawan Munjal.

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