ED Questions Hero MotoCorp Chairman Pawan Munjal in Money Laundering Probe

Pawan Munjal, the Chairman and Managing Director of Hero MotoCorp, one of India’s leading motorcycle companies, was summoned for questioning by the Directorate of Enforcement (ED) at its headquarters in New Delhi today. This development comes in the wake of a major investigation conducted by the central probe agency in both domestic and international locations related to allegations of financial irregularities.

Last month, in August, ED officials had conducted search operations at approximately a dozen locations, including the residence of Pawan Munjal and several other locations associated with Hero MotoCorp Limited, Hero Fincorp Limited, and employees of Salt Experience and Management Pvt. Ltd (SEMPL).

During these searches, significant evidence, including approximately 25 crore rupees in foreign currency, foreign-origin gold, and diamond jewelry, along with electronic records, were reportedly seized.

ED investigators have alleged that Pawan Munjal was involved in the illegal transfer of around 54 crore rupees in foreign currency abroad. The interrogation aims to uncover more details surrounding these allegations.

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The ongoing investigation by the ED is related to money laundering cases initiated under the Prevention of Money Laundering Act (PMLA). Pawan Munjal is currently being questioned in connection with these cases.

This is not the first time Pawan Munjal and his companies have come under scrutiny. Last year, the Income Tax department had conducted searches at multiple locations in Delhi-NCR, Chandigarh, Ludhiana, Lucknow, and Indore, seizing over 25 crore rupees in cash and approximately 5 crore rupees worth of jewelry.

The Directorate of Revenue Intelligence (DRI) had initially registered the case under Section 135 of the Customs Act, but the ED has since taken over the investigation, indicating further action in the case.