The Delhi Police has registered an FIR against Hero Motorcorp’s Chairman Pawan Munjal, a CNBC-TV18 report says. According to the latest reports, Munjal has been accused of availing tax credits on fake bills generated by his company. An ET report says that the FIR by the Delhi Police was registered on October 5 last week.
It should be noted that a PTI report earlier in August this year had said that the Enforcement Directorate had carried out searches in connection with the money laundering probe that involve Munjal.
According to the reports, the complaint alleges that the accused colluded to “cheat and falsify the books … and manufactured fake month wise bills debited against the complainant totaling Rs 5,94,52,525 ( Rs 5.95 crore) for 2009 and 2010.”
Brains Logistics also alleges that all bills claiming debits to them post March 31, 2009 are falsified as its contract with Hero MotoCorp ended on March 31, 2009.
Hero Motrocorp’s stock went down to 2949.15 from 2954.35 from day’s opening.
The 69-year-old billionaire businessman’s residential and business premises in Delhi and neighbouring Gurugram were searched by the ED. Locations associated with some linked entities were also searched.
According to the reports, these raids were initiated by the ED initiated following the registration of a case against them under the provisions of the Prevention of Money Laundering Act (PMLA).
ED’s visit was acknowledged by a company statement which emphasized the company’s commitment to cooperating with the agency.