India. Mumbai: The Directorate General of Enforcement (ED) said on Tuesday that Mr. PK Munjal, Chairman and MD of M/s Hero Motocorp Limited and M/s Hero Fincorp Limited, and employees of M/s Salt Experience, will be attending Delhi and Gurugram (Haryana) conducted house searches in 12 locations. Arrested Management Private Ltd (SEMPL) and seized foreign currency worth Rs 25 billion.
69-year-old billionaire businessman Pawan Munjal is the driving force behind the largest two-wheeler manufacturer.
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An investigation was launched under the Anti-Money Laundering Act of 2002 based on an indictment filed by the Revenue and Information Service, according to a statement issued by the ED on Thursday. (DRI) It was filed with the New Delhi Metropolitan Magistrates (CMM) in 1962 under Section 135 of the Customs Act. DRI is a department of the Central Board of Indirect Taxes and Tariffs.
According to the prosecutor’s complaint, Munjal, Amit Bali, Hemant Dahiya, KR Raman, and others at SEMPL (a third-party service provider company) were responsible for about $540 billion between 2014 and 2015. Illegally exported foreign currency equivalent to rupees to various countries. 2018-2019 is prohibited by the rules.
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Investigations show that one of PK Munjal’s main accomplices was able to illegally export about 40 billion rupees of foreign currency for the expenses of his personal and professional travel abroad.
In addition, SEMPL has secured foreign currency worth Rs 14 billion in the names of its officers/employees. Hemant Dahiya, Mudit Agarwal, Amit Makkar, Gautham Kumar, Vikram Bajaj and Ketan Kakkar exceeded the annual maximum allowed amount of US$250,000 in various financial years. . SEMPL also withdrew huge amounts of foreign exchange/travel money orders in the names of other employees who also did not travel abroad.
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Investigators have searched the homes and offices of PK Munjal, Hemant Dahiya, KR Raman, M/s Hero Motocorp Limited (New Delhi) and M/s Hero Fincorp Limited (New Delhi) and found foreign currency, cash and gold. Seized jewelry. 25 billion rupee worth of diamonds (including foreign gold), as well as digital evidence, hard disks, mobile phones and other items.
Income tax officials raided Hero MotoCorp’s headquarters, as well as Munjal’s home in March.
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