Indian authorities seize $3 mln property from Hero MotoCorp's Munjal

Munjal Showa

10/11/2023 07:51

BENGALURU, Nov 10 (Reuters) - India's financial crime
agency has seized property worth about 249.5 million rupees ($3
million) belonging to Hero MotoCorp  HROM.NS  Chairman Pawan
Munjal in relation to an ongoing money laundering investigation,
the agency said on Friday.
    The Enforcement Directorate (ED) said it seized three
properties in New Delhi, under the country's provisions of The
Prevention of Money Laundering Act, 2002.
    This takes the total value of seizures and attachments in
the case to about 500 million rupees, it added.
    Hero did not immediately respond to a Reuters' request for
comment, while Munjal could not be immediately reached for
comment.
    Last month, Delhi Police registered a case against Hero and
Munjal on allegations of forgery and fraud by Brains Logistics,
which provided manpower services to the two-wheeler maker.
 
 ($1 = 83.3625 Indian rupees)

 (Reporting by Indranil Sarkar in Bengaluru; Editing by Savio
D'Souza)
 ((Indranil.Sarkar@thomsonreuters.com; Mobile:  +91
7022132226;))