Embezzlement Allegations: Munjal of Hero MotoCorp Accused of Illegally Seizing 24.95 Crores in Foreign Assets

Enforcement Directorate (ED) has seized assets worth 24.95 crores belonging to Hero MotoCorp’s Executive Chairman, Pawan Kant Munjal. The ED alleged that Munjal had used offshore companies in violation of the Prevention of Money Laundering Act (PMLA) to acquire three properties in Delhi.

An investigation revealed that Munjal had created foreign companies under the names of other individuals and utilized these entities for foreign remittances. He was also alleged to have used this to incur expenses abroad.

These transactions came under scrutiny after a separate company, involved in event management, transferred sums of money under different employees’ names. The ED stated that this case was brought to light in August, and the investigation led to charges against Munjal and his companies for violating the PMLA.

Munjal allegedly remitted 54 crores out of India in this manner. This case highlights the crackdown on money laundering and financial irregularities by authorities in India.

Niyati Rao

Niyati Rao is a seasoned writer and avid consumer who specializes in crafting informative and engaging articles and product reviews. With a passion for research and a knack for finding the best deals, Niyati enjoys helping readers make informed decisions about their purchases.