ED raids premises of Hero MotoCorp's Pawan Munjal, others; seizes cash, jewellery worth Rs 25 cr
PTC News Desk: ED carried out searches at 12 locations in Delhi and Gurugram in connection to a money laundering case involving P K Munjal, Chairman & MD of Hero Motocorp Limited, Hero Fincorp Limited and employees of Salt Experience and Management Pvt Ltd (SEMPL).
The ED recovered and seized foreign currency, cash, gold and diamond jewellery (including foreign origin gold) worth Rs 25 Crore (approx.) from the residential and business premises of P K Munjal, Hemant Dahiya, K R Raman, M/s Hero Motocorp Limited, and M/s Hero Fincorp Limited during the search proceedings on Monday.
Based on a Prosecution Complaint filed by the Directorate of Revenue Intelligence (DRI) under Section 135 of the Customs Act, 1962 before the CMM, New Delhi, ED initiated investigations under the PMLA against P K Munjal, Chairman and CMD of M/s Hero Motocorp, M/s SEMPL, Amit Bali, Hemant Dahiya, K R Raman, and others.
During the years 2014-2015 to 2018-2019, the SEMPL illegally exported foreign currency worth around Rs 54 crore to other countries, which was then used for P K Munjal's personal expenses.
The ED investigation revealed that M/s SEMPL issued foreign currency in the name of its officials/employees Hemant Dahiya, Mudit Aggarwal, Amit Makker, Gautam Kumar, Vikram Bajaj, and Ketan Kakkar over and above the annual permissible limit of USD 2,50,000/- in various fiscal years.
Furthermore, SEMPL has drawn a large quantity of foreign exchange/travel forex cards in the names of other employees who did not even travel abroad.
An investigation found that one of P K Munjal's close associates illegally exported around Rs 40 crore worth of foreign cash to cover P K Munjal's expenses during his personal or business abroad visits.
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- With inputs from agencies
