Enforcement Directorate (ED) has attached three more properties of Hero MotoCorp chairman Pawan Munjal in New Delhi, valued at ₹24.95 crore, under the Prevention of Money Laundering Act (PMLA), as the agency investigates charges that the leading business tycoon took foreign currency out of India for his personal use.
Now the total value of his attached assets has gone up to ₹50 crore in the PMLA case which the ED took up from the Directorate of Revenue Intelligence (DRI) for ascertaining proceeds of foreign agency case. The Delhi High Court, however on November 3, stayed proceedings related to foreign currency against Munjal by the Directorate of Revenue Intelligence on the grounds that the Customs, Excise and Service Tax Appellate Tribunal (CESTAT) has exonerated the businessman on similar charges. The court stated that the order would apply to all matter emanating from DRI probe.
DRI investigation began in 2018 when Munjal’s associate Amit Bal was detained at the airport on charges of illegally carrying ₹81 lakh worth undisclosed foreign exchange.
As per the DRI allegations, an event management company had illegally wired ₹54 crore in foreign currency to different countries for the personal use of Pawan Munjal.