ED raids Hero MotoCorp chair man’s house; read why
As part of a money laundering investigation, the Enforcement Directorate (ED) raids the home of Hero MotoCorp chairman Pawan Munjal on Tuesday.
In compliance with the Prevention of Money Laundering Act (PMLA) requirements, searches were conducted at locations in Delhi and Gurugram.
The investigation arises from a complaint filed with the Directorate of Revenue Intelligence (DRI) against a person who was supposedly close to Pawan Munjal and was being investigated for carrying undeclared foreign currency.
ED raids Hero MotoCorp for money lending:
Hero MotoCorp’s stock fell in Tuesday’s trading. On the BSE, the stock dropped 5.34 per cent to a low of 3,032.10. Year to date, the stock is up 13%.
The Income Tax Department searched Hero Motorcorp offices in March 2022 for possible tax cheating. The police had also conducted searches at Munjal’s home.
Hero Motorcorp was approached for a response. When the corporation publishes a statement, the copy will be updated.
Hero MotoCorp became the world’s largest 2-wheeler manufacturer in terms of unit volume sales in a calendar year in 2001 and also has held the status for the past 20 years.
The corporation has a presence in 40 countries across Asia, Africa, South and Central America, and the Caribbean.
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