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ED Attaches Rs. 24.95 Crore Properties of Hero MotoCorp Chairman in Money Laundering Probe

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In a decisive move, the Enforcement Directorate (ED) has ramped up its pursuit of financial accountability by attaching three immovable properties in Delhi with an approximate value of Rs. 24.95 Crore. The target of this significant action is none other than Pawan Kant Munjal, the Chairman and Managing Director of M/s Hero MotoCorp Ltd, as part of a money laundering investigation.

ED’s Assertion Under PMLA, 2002:

The attachment of these assets comes under the provisions of the Prevention of Money Laundering Act, 2002 (PMLA), signifying a legal recourse taken by the ED to curb financial improprieties and illicit activities. The move underscores the government’s commitment to combat money laundering and its associated crimes.

Pawan Kant Munjal Under Scrutiny:

As the head of one of India’s leading motorcycle manufacturers, Pawan Kant Munjal finds himself under the ED’s investigative lens. The scrutiny is a result of an ongoing money laundering probe, and the attachment of his properties adds a layer of complexity to the investigation.

Total Seizure and Attachment Value: Rs. 50 Crore:

The recent attachment brings the total value of seized and attached assets in connection with the money laundering investigation to a staggering Rs. 50 Crore approximately. This substantial amount underscores the scale and seriousness of the financial irregularities under investigation.

Intensified Efforts to Combat Financial Crimes:

The ED’s move to attach properties underscores the intensification of efforts to combat financial crimes and uphold the integrity of financial systems. It serves as a deterrent to those involved in money laundering activities, signaling that regulatory authorities are actively pursuing legal actions to ensure accountability.

The attachment of properties belonging to Pawan Kant Munjal, Chairman of Hero MotoCorp, in connection with a money laundering investigation, represents a significant stride in the ongoing efforts to combat financial irregularities. As the total value of seized and attached assets reaches Rs. 50 Crore, regulatory authorities send a strong message about their commitment to upholding financial integrity and holding individuals accountable for any wrongdoing.”

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