Bad news for HeroMoto Crop on Dhanteras! Chairman Pawan Munjal’s property worth Rs 24.95 crore seized

Enforcement Directorate (ED) has seized three immovable properties worth Rs 24.95 crore of Hero MotoCorp Executive Chairman Pawan Munjal. ED said on Friday that the total value of seizure and attachment so far has reached around Rs 50 crore. The ED said the prosecution complaint alleged that Rs 54 crore of foreign currency/foreign currency equivalent was illegally taken out of India.

FIR was filed in October

In October, a First Information Report (FIR) was filed by some officials of Hero MotoCorp alleging forgery, manipulation of accounts, criminal conspiracy and cheating. Pawan Munjal and Hero MotoCorp officials Vikram Kasbekar and Hari Gupta have been named in the FIR.

According to the company’s statement, this is an old case

However, the company said in a statement to the exchanges that the case is an old one and dates back to the year 2009-10, in which the disgruntled service provider, Brains Logistics, a former salesman of Hero Honda Company, had alleged that the accused had colluded to commit “fraud.” “Committed illegal acts of fraud and falsification of books… and produced fake monthly bills”. The company alleged that these bills, totaling Rs 5.95 crore for 2009 and 2010, were debited to the complainant’s account.

The first raid took place in August this year

In August this year, the ED had raided the premises of Hero MotoCorp executive chairman Pawan Munjal and some others. This raid was conducted as part of the investigation into the alleged money laundering case. The raids were conducted at Munjal’s residential and business premises and some associated entities in Delhi and Gurgaon.

Raids conducted in two offices of Delhi and Gurugram

The company had said in a statement at that time, “Enforcement Directorate (ED) officials today visited our two offices in Delhi and Gurugram and the residence of our Executive Chairman Dr. Pawan Munjal. We continue to provide all support to the agency.”

Who is Pawan Munjal?

Pawan Munjal is an Indian billionaire businessman, and the Chairman, Managing Director and CEO of Hero MotoCorp, the world’s largest manufacturer of motorcycles and scooters. India Today magazine ranked him #49 in its list of India’s 50 Most Powerful People of 2017. She is the third child of Brijmohan Lal Munjal and Santosh Munjal. Pawan Munjal started his career as a manager in Hero Honda Company in 1976. In 1994, he took over as the Managing Director of Hero Honda.

Pawan Munjal gave new identity to Hero MotoCorp

In 2011, he took over as the Chairman and CEO of Hero MotoCorp. Under the leadership of Pawan Munjal, Hero MotoCorp has maintained its dominance in the motorcycle and scooter market in India. The company has also expanded its presence outside India, and now exports its products to more than 40 countries across the world. Pawan Munjal is also known for his social work.

Pawan Munjal accused of forgery

He sits on the boards of several NGOs, and supports several initiatives in the fields of education and health. Recently, an FIR was registered against Pawan Munjal under charges of forgery, manipulation of accounts, criminal conspiracy and cheating. ED started investigation against him.