Pawan Munjal
| Photo Credit: REUTERS
India’s monetary crime company has seized property price about ₹249.5 million ($3 million) belonging to Hero MotoCorp Chairman Pawan Munjal in relation to an ongoing cash laundering investigation, the company stated on Friday.
The Enforcement Directorate (ED) stated it seized three properties in New Delhi, underneath the nation’s provisions of The Prevention of Money Laundering Act, 2002.
This takes the whole worth of seizures and attachments within the case to about ₹500 million, it added.
Hero didn’t instantly reply to a Reuters’ request for remark, whereas Mr. Munjal couldn’t be instantly reached for remark.
Last month, Delhi Police registered a case in opposition to Hero and Mr. Munjal on allegations of forgery and fraud by Brains Logistics, which supplied manpower companies to the two-wheeler maker.
