New Delhi, 1st August 2023: After taking notice of a Directorate of Revenue Intelligence (DRI) investigation, the Enforcement Directorate (ED) raided Hero MotoCorp CEO Pawan Munjal’s residence on Tuesday. The DRI recently caught one of Munjal’s close associates who was in possession of unreported foreign money.
According to the news agency PTI, the raids on Munjal are part of a money laundering investigation. The Income Tax department raided Hero MotoCorp’s Delhi-NCR headquarters earlier this year.
As part of a probe into alleged tax evasion against the corporation, the Income Tax agency conducted search operations over 25 properties, including Hero MotoCorp offices and the chairman’s residence, in March last year.
At the time of writing, Hero MotoCorp shares were down 4% to trade at 3,066 per share on the BSE.
Pawan Munjal oversaw Hero MotoCorp’s global expansion after the company parted ways with Honda in 2011. He also serves on the boards of the Confederation of Indian Industry (CII) and the Society of Indian Automobile Manufacturers (SIAM).
In terms of unit volume sales in a calendar year, Hero MotoCorp surpassed Suzuki as the world’s top two-wheeler manufacturer in 2001. This title has been held by the two-wheeler manufacturer for the past two decades.
The two-wheeler company is present in around 40 countries in Asia, Africa, and South and Central America.
