Foreign and Indian currencies and gold and diamond jewellery worth about Rs 25 crore, apart from "incriminating" documents, were seized after raids on Hero MotoCorp executive chairperson Pawan Kant Munjal and some others, the Enforcement Directorate said on Wednesday.
The federal agency raided the residences and offices of the 69-year-old billionaire businessman, the promoter of India's largest two-wheeler automobiles manufacturer, in Delhi and neighbouring Gurugram apart from that of some other entities on Tuesday.
It said in a statement that a "third party service provider" company, identified as Salt Experience and Management Pvt. LTd. (SEMPL), "illegally exported foreign currency equivalent to about Rs 54 crore to various countries during the period 2014-2015 to 2018-2019 which was ultimately used for personal expenses of P K Munjal."
Foreign and Indian currencies and gold and diamond jewellery worth about Rs 25 crore apart from "incriminating" documents were seized from the residential and business premises of Munjal, Hemant Dahiya, K.R. Raman, Hero MotoCorp Limited and Hero Fincorp Limited, it said.
The money laundering case being probed by the ED stems from a charge sheet of the Directorate of Revenue Intelligence (DRI), an investigation arm of the Central Board of Indirect Taxes and Customs (CBIC).