ED seizes Rs 25 crore worth of assets in raid on Hero MotoCorp chairman and associates
Federal agency raids businessman's Delhi and Gurugram properties, along with other entities, in money laundering probe on Tuesday
New Delhi, August 03: The Enforcement Directorate (ED) reported the seizure of foreign and Indian currencies, along with gold and diamond jewelry, totaling approximately Rs 25 crore during raids on properties belonging to Hero MotoCorp executive chairperson Pawan Kant Munjal and several others.
The federal agency conducted searches on Tuesday at the businessman's residences and offices in Delhi and Gurugram, as well as some other entities, as part of a money laundering investigation.
Hero MotoCorp, in response, stated that it was fully cooperating with the ED.
According to the ED statement, the seized assets include foreign and Indian currencies, gold and diamond jewelry (including foreign-origin gold), as well as incriminating documents, hard disks, and mobiles. The statement, however, did not specify the exact amount seized from each of the raided individuals or entities.
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The ED case, registered under the Prevention of Money Laundering Act (PMLA), originates from a charge sheet filed by the Directorate of Revenue Intelligence (DRI), an investigation unit of the Central Board of Indirect Taxes and Customs (CBIC). The DRI prosecution complaint was lodged in connection with charges of "carrying, attempting to export, and illicit export of prohibited items, i.e., foreign currency" against PK Munjal, a third-party service provider company called Salt Experience and Management Pvt. Ltd. (SEMPL), and individuals identified as Amit Bali, Hemant Dahiya, KR Raman, and others.
The ED revealed that SEMPL had allegedly illegally exported foreign currency amounting to approximately Rs 54 crore to various countries between 2014-2015 and 2018-2019, which was ultimately used for personal expenses of PK Munjal.
SEMPL, according to the ED, obtained foreign exchange amounting to about Rs 14 crore in the names of its officials or employees, such as Hemant Dahiya, Mudit Aggarwal, Amit Makker, Gautam Kumar, Vikram Bajaj, and Ketan Kakkar, exceeding the annual permissible limit of USD 250,000 in various financial years. Additionally, SEMPL reportedly obtained significant amounts of foreign exchange or travel forex cards in the names of other employees who had not traveled abroad.
The federal agency claimed that one of PK Munjal's key associates illegally exported approximately Rs 40 crore worth of foreign currency to cover the expenses of PK Munjal during his personal or business foreign trips.