ED attaches Rs 24.95 crore worth properties of Hero MotoCorp’s Chairman and Managing Director Pawan Kant Munjal in Delhi under PMLA

New Delhi, Nov 10: Enforcement Directorate (ED) has provisionally attached three immovable properties located in Delhi worth Rs 24.95 crore of Chairman and Managing Director of Hero MotoCorp Pawan Kant Munjal under the provisions of Prevention of Money Laundering Act, 2002, ED said in a statement on Friday.

ED initiated an investigation on the basis of prosecution complaint filed by Directorate of Revenue Intelligence (DRI) under section 135 of the Customs Act, 1962 against PK Munjal and others for allegedly taking foreign exchange/currency out of India illegally, the statement said.

The prosecution complaint alleged that foreign currency/ foreign exchange equivalent to Rs 54 crore was illegally taken out of India, ED statement said.

ED had earlier conducted search operations in August this year against PK Munjal and seized valuables worth nearly Rs 25 crore along with digital evidence and other incriminating evidence.

The total value of seizure and attachment stands at about Rs 50 crore, the probe agency further said.