Hero MotoCorp clocks 36 pc rise in Q1, net profit at Rs 1,123 crore
The company said that the higher profit was driven by strong sales, recovery in the rural market and new launches.
The Enforcement Directorate (ED) has attached assets to the tune of Rs 24.95 crore belonging to Hero MotoCorp executive chairperson Pawan Kant Munjal in connection with a probe into the alleged money laundering case against him.
The ED on Friday said that three immovable properties located in the national capital worth Rs 24.95 crore, belonging to Munjal
have been provisionally attached under the provisions of the Prevention of Money Laundering Act (PMLA).
According to the probe agency, the total value of seizure and attachment so far stands at approximately Rs 50 crore in the
matter.
The ED has initiated investigation on the basis of a prosecution complaint filed by the Directorate of Revenue intelligence (DRI) under sections of the Customs Act against PK Munjal and others for allegedly taking foreign exchange/currency out of India illegally.
The complaint alleges that foreign currency equivalent to Rs 54 crore was illegally taken out of India.
According to the agency’s probe, it was revealed that Munjal got the foreign exchange issued in the name of other persons and used the same for personal expenditure overseas.
It was on August 1 this year when the ED had conducted searches and seized valuables worth Rs 25 crore along with digital evidence including other incriminating evidence.
Further investigation is under progress, the agency said.
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