iifl-logo

Invest wise with Expert advice

By continuing, I accept the T&C and agree to receive communication on Whatsapp

sidebar image

ED seizes properties connected to Hero MotoCorp CMD Munjal Pawan worth Rs 25 crore

10 Nov 2023 , 03:23 PM

On November 10, the Enforcement Directorate (ED) declared that, as part of a money laundering probe, it had confiscated assets worth Rs 24.95 crore from Pawan Kant Munjal, the executive chairman of Hero MotoCorp.

Munjal’s three immovable properties in Delhi were temporarily attached by the government agency in accordance with the Prevention of Money Laundering Act (PMLA).

According to a statement from the agency, Munjal is the CMD (Chairman and Managing Director) of Hero MotoCorp Ltd. The attached assets are valued at around Rs 24.95 crore.

In August, the ED launched raids on Munjal and his enterprises after filing a PMLA complaint. The Directorate of Revenue Intelligence (DRI) charge sheet, which accused him of removing money or foreign exchange unlawfully from India, served as the basis for the filing of this case.

The investigation began as a result of a DRI complaint against someone who was allegedly linked to Munjal. This individual was being investigated for possibly having undeclared foreign money on them.

‘The prosecution complaint alleges that foreign currency/foreign exchange equivalent to Rs 54 crore was illegally taken out of India,’ claimed the Enforcement Directorate.

As part of an inquiry into tax cheating, the Income-Tax (I-T) department raided Hero MotoCorp and Munjal in March 2022. The Ministry of Corporate Affairs (MCA) then launched an investigation to determine the relationship between the business and a third-party vendor in a case involving the purported diversion of cash, according to a June report by news agency Reuters.

Based on unit volume sales in a calendar year, Hero MotoCorp rose to become the top two-wheeler manufacturer in the world in 2001 and has held this position for the previous 20 years. Operating in 40 countries in Asia, Africa, and South and Central America, the company has a global reach.

For feedback and suggestions, write to us at editorial@iifl.com

Pawan Munjal | Hero MotoCorp Board Director

Related Tags

  • ED seizes
  • Hero MotoCorp
  • Pawan Munjal
sidebar mobile

BLOGS AND PERSONAL FINANCE

Read More

Most Read News

Top Stocks for Today - 25th April 2025
25 Apr 2025|06:47 AM
Read More

Invest wise with Expert advice

By continuing, I accept the T&C and agree to receive communication on Whatsapp

Knowledge Center
Logo

Logo IIFL Customer Care Number
(Gold/NCD/NBFC/Insurance/NPS)
1860-267-3000 / 7039-050-000

Logo IIFL Capital Services Support WhatsApp Number
+91 9892691696

Download The App Now

appapp
Loading...

Follow us on

facebooktwitterrssyoutubeinstagramlinkedintelegram

2025, IIFL Capital Services Ltd. All Rights Reserved

ATTENTION INVESTORS

RISK DISCLOSURE ON DERIVATIVES

Copyright © IIFL Capital Services Limited (Formerly known as IIFL Securities Ltd). All rights Reserved.

IIFL Securities Limited - Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213,IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248
ARN NO : 47791 (AMFI Registered Mutual Fund Distributor)

ISO certification icon
We are ISO 27001:2013 Certified.

This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.