ED attaches Hero MotoCorp CMD & Chairman Pawan Kant Munjal's assets worth Rs 24.95 crore

The Enforcement Directorate on Friday attached three immovable properties of Hero MotoCorp CMD and chairperson, Pawan Kant Munjal. All the assets approximately worth Rs 24.95 crore is located at Delhi.

Prevention of Money Laundering Act

ED has attached the properties under the Prevention of Money Laundering Act. The agency initiated an investigation based on a prosecution complaint filed by Directorate of Revenue intelligence (DRI) u/s 135 of the Customs Act, 1962 against Munjal and others for taking foreign exchange/currency out of India illegally.

The complaint alleges that foreign currency/foreign exchange equivalent to Rs 54 crore was illegally taken out of India. ED had carried out raids against Munjal in August and his companies.

The world's largest two-wheeler manufacturer reported a net profit of Rs 1,054 crore, which is 47% increase year-on year. Its net profit was at Rs 716 crore in the year-ago period.