Hero MotoCorp's Pawan Munjal Spent Others' Forex On His Trips: Probe Agency
NDTV
Hero MotoCorp became the world's largest two-wheeler manufacturer in 2001, in terms of unit volume sales in a calendar year, and has maintained the title for the last 20 years.
The Enforcement Directorate on Friday alleged that Hero MotoCorp executive chairperson Pawan Kant Munjal used foreign currency issued in the name of others for his personal expenditure abroad to "override" RBI rules and attached his assets worth Rs 24.95 crore as part of a money laundering investigation.
Three immovable properties (in the form of lands) of Munjal located in Delhi have been provisionally attached under the provisions of the Prevention of Money Laundering Act (PMLA), the central agency said in a statement.
Mr Munjal (69) is also the CMD and Chairman of Hero MotoCorp Ltd and the assets are worth about Rs 24.95 crore.
