In a recent development, the Enforcement Directorate (ED) conducted raids on the premises of Pawan Munjal, the Executive Chairman of Hero MotoCorp, and several others. These searches were carried out at approximately twelve locations, including Delhi and Gurugram, as part of an investigation related to a case registered under the Prevention of Money Laundering Act (PMLA).
The ED’s actions were initiated based on information provided by the Directorate of Revenue Intelligence (DRI). The DRI is responsible for enforcing customs and excise laws, and their case appears to have prompted the ED’s involvement in this matter.
The raids conducted by the ED signify their efforts to investigate potential instances of money laundering. The PMLA is a crucial legislation in India that aims to prevent and combat money laundering activities. It provides the legal framework for the identification, tracing, seizure, and confiscation of proceeds derived from illicit activities.