Key Points
The Enforcement Directorate (ED) has attached three properties worth 24.95 crore of Pawan Munjal, CMD and chairman of Hero MotoCorp, in New Delhi under the provisions of the Prevention of Money Laundering Act, 2002.l)..
The ED initiated the investigation on the basis of a prosecution complaint filed by directorate of revenue intelligence (DRI) under section 135 of the Customs Act, 1962 against Munjal and others for taking foreign exchange currency out of India illegally, the probe agency said in a statement..
The foreign currency/ foreign exchange was drawn from authorised dealers by a event management company in the name of various employees and thereafter handed over to Pawan Kant Munjals relationship manager..
The relationship manager carried such foreign currency/ foreign exchange in cash/ card secretly, for the personal expenditure of Pawan Kant Munjal during his personal/ business trips..
