Foreign exchange or money worth Rs 54 crore was illegally taken out of India...
Digital Desk: Pawan Kant Munjal, the chairman of Hero Motocorp, has had properties provisionally attached by the Enforcement Directorate (ED) in connection with a money laundering case. The Investigation Agency, in accordance with the requirements of the Prevention of Money Laundering Act, 2002, appended three immovable assets situated in Delhi, valued at around Rs 24.95 crore.
Based on a prosecution charge filed by the Directorate of Revenue Intelligence (DRI) under Section 135 of the Customs Act, 1962, against PK Munjal and others for illegally removing foreign exchange or currency from India, the ED initiated an investigation.
According to the prosecution's case, foreign exchange or money worth Rs 54 crore was illegally taken out of India.
The Enforcement Department claims that PK Munjal issued foreign exchange and currency in other people's names and then used it for his own personal travel expenses. An event management business collected the foreign currency/foreign exchange in the names of several employees, and Munjal's relationship manager then received it.
The relationship manager secretly carried such foreign cash or foreign exchange on his person during Munjal's travels for personal or professional purposes. The approach was taken to circumvent the Liberalized Remittance Scheme's annual cap of Rs 2.5 lakh per individual.
Earlier, on August 1, the investigative agency investigated Munjal's connected properties and took assets valued at about Rs 25 crore in addition to digital evidence and other incriminating evidence. Seizures and attachments are valued at around Rs 50 crore in total.
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