(MENAFN- AsiaNet News) In a recent development, the Enforcement Directorate (ED) on Friday (November 10) has taken decisive steps by attaching three immovable properties in Delhi, collectively valued at around Rs 24.95 crores. This action, executed under the provisions of the Prevention of Money Laundering Act, 2002, is directly linked to an ongoing investigation into alleged money laundering involving Pawan Kant Munjal, the Chairman and Managing Director of Hero MotoCorp.
The total worth of the seized and attached assets now stands at approximately Rs 50 crores, as reported by the Enforcement Directorate.
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The anti-money laundering agency's probe was initiated based on a Prosecution Complaint filed by the Directorate of Revenue Intelligence (DRI) under Section 135 of the Customs Act, 1962, against PK Munjal.
The complaint specifically accuses Munjal and others of illegally taking foreign exchange/currency out of India. The alleged amount involved is Foreign Currency/Foreign Exchange equivalent to Rs 54 crore.
As per the ED's findings, the business magnate orchestrated the issuance of foreign exchange/currency in the names of other individuals, subsequently utilizing these funds for his personal expenses abroad.
The foreign exchange was reportedly withdrawn from authorized dealers by an event management company, using the names of various employees. This currency was then handed over to Munjal's relationship manager, who clandestinely carried the funds in cash or card during the CEO's personal and business trips.
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This intricate modus operandi was employed to circumvent the limits set by the Liberalised Remittance Scheme, which caps the annual foreign exchange withdrawal at $2.5 lakh per person. The Enforcement Directorate's statement shed light on this method devised to surpass the stipulated limits.
A prior search operation conducted by the ED on August 1, targeted Munjal and other associated individuals, resulting in the seizure of valuables valued at around Rs 25 crore, along with digital evidence and other incriminating materials.
With the latest attachment, the cumulative value of seizure and attachment has reached approximately Rs 50 crore.
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