The Enforcement Directorate (ED) has announced that three properties owned by Munjal have been attached under the Prevention of Money Laundering Act, 2002.
According to the ED probe, Munjal obtained “foreign exchange or foreign currency” in the names of other individuals and then used it for his personal expenses abroad. The ED stated, “The foreign currency or foreign exchange was drawn from authorised dealers by an event management company in the name of various employees and thereafter handed over to Munjal’s relationship manager.”
The relationship manager allegedly carried the foreign currency or exchange in cash or card secretly for Munjal’s personal or business trips, bypassing the limits of US$ 2.5 lakh per annum per person under the Liberalised Remittance Scheme.
Earlier search operations conducted by the ED on August 1 with respect to Munjal and related entities or persons resulted in the seizure of valuables worth Rs 25 crore, along with digital evidence and other incriminating documents. The total value of seizure and attachment now stands at about Rs 50 crore, as per the ED.
The ED’s case is based on a charge sheet filed by the Directorate of Revenue Intelligence (DRI) against Munjal and others for illegally taking foreign exchange or currency out of India. The charge sheet alleges that foreign currency or foreign exchange equivalent to Rs 54 crore was illegally taken out of India.
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