The Enforcement Directorate on Tuesday conducted searches at Hero MotoCorp Chairman Pawan Munjal’s residence in New Delhi in connection with a money laundering case.
The search was conducted based on a case filed by the Directorate of Revenue Intelligence (DRI) and were carried out at premises located in Delhi and neighbouring Gurugram in accordance with provisions of the Prevention of Money Laundering Act (PMLA).
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This ED action is not the first instance of scrutiny for the company and its chairman. The Income Tax department in March last year raided Munjal and his company Hero MotoCorp as part of a tax evasion investigation, PTI reported.
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.
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The company has presence across 40 countries spanning Asia, Africa and South and Central America.
Further details shall follow.