INDIA. Mumbai: Directorate of Enforcement (ED) on Tuesday conducted searches at 12 locations in Delhi and Gurugram (Haryana) involving P K Munjal, Chairman & MD of M/s Hero Motocorp Limited and M/s Hero Fincorp Limited and employees of M/s Salt Experience and Management Pvt. Ltd (SEMPL) and seized foreign currency worth Rs 25 crore.
Pawan Munjal, the 69-Year-Old Billionaire Businessman, is the promoter of the biggest Two-Wheeler automobile manufacturing company.
As per the statement issued by ED on Thursday, investigations were initiated under the Prevention of Money Laundering Act 2002 based on the Prosecution Complaint filed by the Directorate of Revenue Intelligence (DRI) under section 135 of the Customs Act, 1962 before Chief Metropolitan Magistrate (CMM), New Delhi. DRI is an arm of the Central Board of Indirect Taxes and Customs.
As per the prosecution complaint, Munjal and Amit Bali, Hemant Dahiya, K R Raman, and others of SEMPL(a third-party service provider company) illegally exported foreign currency equivalent to about Rs 54 crore to various countries during the period 2014-2015 to 2018-2019, prohibited under the rules.
According to the investigation, one of P K Munjal’s main accomplices was able to unlawfully export about Rs 40 crore in foreign currency to pay for his personal and professional abroad trips.
Besides, SEMPL secured foreign exchange to the tune of Rs 14 crore in the name of its officials/employees, viz. In various financial years, Hemant Dahiya, Mudit Aggarwal, Amit Makker, Gautam Kumar, Vikram Bajaj, and Ketan Kakkar exceeded the annual permitted maximum of USD 2,50,000. SEMPL also drew Foreign Exchange/ travel forex in huge amounts in the name of other employees who did not even travel abroad.
The ED searched the homes and offices of P K Munjal, Hemant Dahiya, K R Raman, M/s Hero Motocorp Limited (New Delhi), and M/s Hero Fincorp Limited (New Delhi) and seized foreign currency, cash, jewellery made of gold and diamonds (including gold of foreign origin) valued at Rs 25 crore, as well as digital evidence, hard discs, mobiles, and other items.
Income Tax officials searched Munjal’s home in March in addition to the Hero MotoCorp headquarters.
Also Read: Deadly Landslide Hits Khalapur in Maharashtra: 16 Fatalities, over 100 Trapped
