ED seizes Rs 25 crore worth of cash, jewellery after raids on Hero MotoCorp's Munjal, some others: PTI

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, PTI reported. 

The federal agency raided the residence 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 as part of a money laundering investigation against them, PTI said. 

It did not elaborate on the exact amount of seizure made from each of those raided.

It said in a statement that a “third party service provider” company identified as Salt Experience and Management, “illegally exported foreign currency equivalent of Rs 54 crore to various countries during 2014-2015 to 2018-2019, which was ultimately used for personal expenses of  PK Munjal,” PTI noted.

Foreign and Indian currencies and gold and diamond jewellery worth Rs 25 crore, apart from ‘incriminating’ documents were seized from residential and business premises of Munjal, Hemant Dahiya, K R Raman, Hero MotoCorp Limited and Hero Fincorp Limited.