Hero MotoCorp MD Pawan Munjal\’s close aide illegally exported foreign currency worth Rs 40 cr

On Wednesday, the Enforcement Directorate (ED) revealed that a significant associate of Pawan Kumar Munjal, the MD of Hero MotoCorp, was involved in the illicit export of foreign currency amounting to Rs 40 crore. The funds were allegedly used to cover expenses for Munjal\’s personal or business trips abroad. This disclosure came to light a day after the ED conducted searches at 12 locations in Delhi and Gurugram as part of a money laundering investigation involving Munjal, Hero Fincorp Limited, and employees of Salt Experience and Management Pvt Ltd (SEMPL). The investigation was initiated under the Prevention of Money Laundering Act (PMLA) based on a complaint filed by the Directorate of Revenue Intelligence (DRI).

Earlier, the DRI had filed a case against Munjal and some of his close associates, accusing them of the illegal transportation and attempted export of prohibited items, specifically foreign currency. According to the ED, SEMPL had illicitly exported foreign currency worth approximately Rs 54 crore to various countries between 2014 and 2019, which was allegedly used for PK Munjal\’s personal expenses.

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