Hero MotoCorp chairman Pawan Munjal’s three properties in New Delhi, worth Rs 24.95 crore, has been attached by the Enforcement Directorate (ED) under the provisions of Prevention of Money Laundering Act, 2002. The total value of seizure and attachment stands at approximately Rs 50 crore, the investigating agency said.
This comes a day after the Delhi High Court had put a stay on proceedings related to undisclosed foreign currency against Munjal.
The Court had said that the stay will apply to all cases emanating from the matter till the next date of hearing in February next year.
The matter dates back to 2018 when Amit Bali, an alleged close aide of Pawan Munjal was detained at the airport for carrying Rs 81 lakh in undisclosed foreign exchange.
Directorate of Revenue Intelligence had launched a probe which, according to reports, revealed that between 2014-2019 Amit Bali and Salt Experience and Management Private Limited had illegally sent Rs 54 crores in foreign currency to different countries for the personal use of Pawan Munjal.
The Enforcement Directorate, the IT department and the Ministry of Corporate Affairs had launched separate probes on the basis of the DRI case. During searches carried out, the ED had seized assets worth Rs 25 crores belonging to Pawan Munjal.
(details to follow)
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