NEW DELHI: The Enforcement Directorate on Tuesday conducted searches on the premises of Hero MotoCorp’s chairman Pawan Munjal in Delhi and his company’s offices in the national capital as well as in Gurugram in a money laundering case. The agency has not shared any details on the searches while the industrialist’s office confirmed the action.
In the I-T case, tax authorities were probing alleged unaccounted business expenses of more than Rs 800 crore. Its searches had unearthed documents of unaccounted cash transactions.
Munjal is among few leading industrialists to face ED actions. Others who have been investigated under the stringent Prevention of Money Laundering Act in the recent past include Bhushan Steel promoter and former CMD Sanjay Singhal who was arrested in June.
The agency had earlier attached assets worth over Rs 4,000 crore of Singhal’s companies. Videocon group chairman Venugopal Dhoot, co-accused along with former ICICI Bank CEO Chanda Kochhar, is the other industrialist under investigation.
In 2021, the ED had arrested industrialist Gautam Thapar of the Avantha group after a series of searches on his premises in a money laundering investigation related to the default of Rs 466 crore to Yes Bank.
In the last three years, the ED has registered more than 3,000 cases under PMLA and over 12,000 under the foreign exchange management act (FEMA).
Munjal, whose company is the country’s largest two-wheeler manufacturer, had earlier come under investigation when Income Tax officials searched his offices last year for alleged tax evasion.
“Officials from the ED today [Tuesday] visited two of our offices in Delhi and Gurugram and the residence of our executive chairman Pawan Munjal. We continue to extend all cooperation to the agency,” a company statement said.
In the I-T case, tax authorities were probing alleged unaccounted business expenses of more than Rs 800 crore. Its searches had unearthed documents of unaccounted cash transactions.
Munjal is among few leading industrialists to face ED actions. Others who have been investigated under the stringent Prevention of Money Laundering Act in the recent past include Bhushan Steel promoter and former CMD Sanjay Singhal who was arrested in June.
The agency had earlier attached assets worth over Rs 4,000 crore of Singhal’s companies. Videocon group chairman Venugopal Dhoot, co-accused along with former ICICI Bank CEO Chanda Kochhar, is the other industrialist under investigation.
In 2021, the ED had arrested industrialist Gautam Thapar of the Avantha group after a series of searches on his premises in a money laundering investigation related to the default of Rs 466 crore to Yes Bank.
In the last three years, the ED has registered more than 3,000 cases under PMLA and over 12,000 under the foreign exchange management act (FEMA).
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