- Enforcement Directorate (ED) conducting raids at the residence of Pawan Munjal, Chairman of Hero MotoCorp.
- Shares of Hero MotoCorp fell over 4 percent, trading at a year’s low of Rs 3,064, following the news of the ED raid.
- The searches were carried out at premises located in Delhi and neighboring Gurugram in accordance with provisions of the Prevention of Money Laundering Act (PMLA).
- The DRI had recently apprehended a close aide of Pawan Munjal in possession of undeclared foreign currency.
- Pawan Kant Munjal is an Indian billionaire businessman, and the chairman, managing director, and CEO of Hero MotoCorp the world’s largest manufacturer of motorcycles and scooters.
Shares of Hero MotoCorp witnessed a decline of over 4 percent on August 1 following CNBC TV-18’s report on the Enforcement Directorate (ED) conducting raids at the residence of Pawan Munjal, Chairman of Hero MotoCorp. The raid was initiated after the ED took cognizance of a Directorate of Revenue Intelligence (DRI) case.
The searches were carried out at premises located in Delhi and neighboring Gurugram in accordance with provisions of the Prevention of Money Laundering Act (PMLA).
The investigation stems from a DRI complaint against a person, allegedly close to Munjal, who was investigated on charges of carrying undeclared foreign currency.
Shares of Hero MotoCorp fell over 4 percent, trading at a year’s low of Rs 3,064, following the news of the ED raid.
The Income Tax Department in March 2022 raided Munjal and his company Hero Motorcorp, the country’s largest two-wheeler automobiles manufacturer, as part of a tax evasion investigation.
Hero MotoCorp became the world’s largest two-wheeler manufacturer in 2001, in terms of unit volume sales in a calendar year, and has maintained the title for the past 20 consecutive years.
The company has a presence across 40 countries spanning Asia, Africa, and South and Central America.
Pawan Kant Munjal is an Indian billionaire businessman, and the chairman, managing director, and CEO of Hero MotoCorp the world’s largest manufacturer of motorcycles and scooters.
(With inputs from agencies)
