ED seizes $3 mn property from Hero MotoCorp’s Munjal
The Hindu
ED seizes ₹249.5M ($3M) of Hero MotoCorp Chairman Pawan Munjal's property in relation to money laundering investigation. Total value of seizures and attachments in case is ₹500M. Delhi Police registered case against Hero and Munjal for forgery and fraud.
India’s financial crime agency has seized property worth about ₹249.5 million ($3 million) belonging to Hero MotoCorp 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.
This takes the total value of seizures and attachments in the case to about ₹500 million, it added.
Hero did not immediately respond to a Reuters’ request for comment, while Mr. Munjal could not be immediately reached for comment.
Last month, Delhi Police registered a case against Hero and Mr. Munjal on allegations of forgery and fraud by Brains Logistics, which provided manpower services to the two-wheeler maker.
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