Indian authorities seize $3 million property from Hero MotoCorp’s Munjal
BENGALURU, Nov 10 (Reuters) – India’s financial crime agency has seized property worth about 249.5 million rupees ($3 million) belonging to Hero MotoCorp (HROM.NS) Chairman Pawan Munjal in relation to an ongoing money laundering investigation, the agency said on Friday.
The Enforcement Directorate (ED) said it seized three properties in New Delhi, under the country’s provisions of The Prevention of Money Laundering Act, 2002.
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This takes the total value of seizures and attachments in the case to about 500 million rupees, it added.
ED has attached 03 immovable properties located at Delhi worth Rs. 24.95 Crore (approx.) under the provisions of PMLA, 2002 belonging to Pawan Kant Munjal, CMD & Chairman, M/s Hero MotoCorp Ltd in connection with a money laundering investigation. The total value of seizure and…
— ED (@dir_ed) November 10, 2023
Hero did not immediately respond to a Reuters’ request for comment, while Munjal could not be immediately reached for comment.
Last month, Delhi Police registered a case against Hero and Munjal on allegations of forgery and fraud by Brains Logistics, which provided manpower services to the two-wheeler maker. ($1 = 83.3625 Indian rupees)
Reporting by Indranil Sarkar in Bengaluru; Editing by Savio D’Souza
