The Enforcement Directorate has attached three immovable properties worth Rs 24.95 crore to Hero Moto’s Chairman and Managing Director (CMD) Pawan Munjal in connection with a money laundering probe. This brings the total value of the seizure and attachments to Rs 50 crore. The prosecution complaint alleges that foreign currency equivalent to Rs 54 crore was illegally taken out of India.

The investigation by the Enforcement Directorate revealed that the foreign currency, amounting to Rs 54 crore, was illegally routed through hawala channels and subsequently taken out of the country. The prosecution complaint filed by the agency alleges that Pawan Munjal was involved in the money laundering activities, leading to the attachment of his assets.

The attached assets, which include three immovable properties, have a total value of Rs 24.95 crore. The action by the Enforcement Directorate is a part of its ongoing investigation into the case.

Hero Moto, one of the leading two-wheeler manufacturers in India, has been facing scrutiny by the enforcement agencies due to alleged money laundering activities. The company has denied any wrongdoing and stated that it is cooperating with the authorities in their investigation.

With the attachment of these assets, the total value of seizures and attachments in the case has now reached Rs 50 crore. The Enforcement Directorate continues its probe into the illegal transfer of funds and is taking action against those involved in money laundering.