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The agency found that a large amount of stock in trade was found to be completely missing. "Against a declared stock of more than 1,284 kg of jewellery, ED could trace only around 40 kg of jewellery.
The ED had conducted searches under the provisions of the Prevention of Money Laundering Act (PMLA) and recovered a licenced weapon and 69 live cartridges, including 20 rounds of .32 bore revolver, 29 rounds of .12 bore DBBL gun and 24 rounds of .32 bore pistol, from the premises.
ED seizes cash and jewellery worth ₹25 crore in raids against top officials of Hero MotoCorp. Incriminating documents also found.
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.
“ED initiated investigation under PMLA based on the prosecution complaint filed by Directorate of Revenue Intelligence (DRI) against Munjal, SEMPL, Amit Bali, Hemant Dahiya, K R Raman and others for carrying, attempting to export and illicit export of prohibited items, foreign currency,” an ED spokesperson said.