ED attached 03 immovable properties belonging to Pawan Kant Munjal, CMD & Chairman, M/s Hero MotoCorp Ltd.

Directorate of Enforcement (ED) has provisionally attached 03 immovable properties
located at Delhi worth Rs. 24.95 Crore (approx.) under the provisions of Prevention of
Money Laundering Act, 2002 belonging to Pawan Kant Munjal, CMD & Chairman, M/s Hero
MotoCorp Ltd.
ED initiated investigation on the basis of Prosecution Complaint filed by Directorate
of Revenue intelligence (DRI) u/s 135 of the Customs Act, 1962 against P K Munjal,
Chairman and CMD of M/s Hero Motocorp and others for taking foreign exchange/currency
out of India illegally. The prosecution complaint alleges that Foreign Currency/ Foreign
Exchange equivalent to Rs. 54 Crore was illegally taken out of India.
ED investigation revealed that Pawan Kant Munjal got issued foreign exchange/
foreign currency in the name of other persons and thereafter utilised the same for his
personal expenditure abroad. 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 Munjal’s 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. The modus
was adopted to override the limits of USD 2.5 Lakh per annum per person under the
Liberalised Remittance Scheme.
ED had earlier conducted search operations on 01.08.2023 with respect to P K
Munjal and related entities/persons and seized valuables worth Rs. 25 Crore (approx) along
with digital evidences and other incriminating evidences. The total value of seizure and
attachment stands at about Rs. 50 Crore.
Further investigation is under progress.