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Hero MotoCorp: Three assets worth Rs 24.95 crore seized

Hero MotoCorp: ED action against Hero MotoCorp's chairman Pawan Munjal, assets worth Rs 24.95 crore seized
Pawan Munjal

Hero MotoCorp: ED has taken major action against Pawan Munjal, CMD and Chairman of Hero MotoCorp. ED has attached 3 properties of Pawan Munjal. In a statement on X (Twitter), ED said that the value of these properties is Rs 24.95 crore. ED has taken this action in money laundering case.

So far, the Enforcement Directorate has seized assets worth Rs 50 crore. Pawan Munjal is accused of illegally taking Rs 54 crore out of the country, following which the DRI and ED have taken action.

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Earlier on August 1, 2023, the agency had raided 12 locations of Munjal in Delhi and Gurugram, in which foreign currency, gold and jewelery worth Rs 25 crore were seized.

Based on the chargesheet filed by the DRI, the agency had registered a case of money laundering and raids were conducted under it. The DRI had filed a chargesheet against Pawan Munjal, Amit Bali, Hemant Dahiya and KR Raman.

Who is Pawan Munjal?

Pawan Munjal is also the Chairman, CEO and MD of Hero MotoCorp and a member of the World Economic Forum. Pawan Munjal, 69, was ranked 49th in India Today magazine’s 2017 list of India’s 50 Most Powerful People.

Educated from Dehradun School and National Institute of Technology Kurukshetra, Pawan joined Hero Honda Motors as a director in the early 1980s. He was promoted to Managing Director of the company in 2001.

Under the leadership of Pawan Munjal, the company has expanded to 40 countries worldwide and Hero is currently the world’s largest two-wheeler manufacturer by volume with sales of over 100 million units.

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