The ED is said to have acted after receiving inputs from the Department of Revenue Intelligence (DRI).
The Enforcement Directorate (ED) has conducted raids at the residence of Hero MotoCorp chairman Pawan Munjal as part of a money laundering investigation.
According to media reports, raids were carried out at Munjal’s premises in Delhi and Gurugram. A case has been registered against him under the Prevention of Money Laundering Act (PMLA). The company is yet to issue an official statement regarding the recent developments.
The ED is said to have acted after receiving inputs from the Department of Revenue Intelligence. Earlier, the DRI had caught a close aide of Munjal with a large amount of undeclared foreign currency. In March 2022, the Income Tax department had also conducted searches at Hero MotoCorp offices over alleged tax evasion.
Hero MotoCorp is India’s largest 2-wheeler manufacturer with a global presence. The company exports its products to more than 40 countries in Asia, Africa, and South and Central America.
Keyword: ED raids Hero MotoCorp chairman Pawan Munjal's residence