The enforcement directorate (ED) conducted raids on Tuesday against Hero Motocorp Executive Chairman Pawan Munjal and others as part of a money laundering probe, according to officials. The searches were carried out in Delhi and Gurugram under the Prevention of Money Laundering Act (PMLA), as reported by the news agency PTI.
The probe was initiated based on a Directorate of Revenue Intelligence (DRI) objection against an individual allegedly connected to Pawan Munjal. The individual was being investigated for charges of smuggling undisclosed foreign money.
Hero MotoCorp’s shares fell during Tuesday’s trading. The stock decreased by 5.34 percent, reaching a low of ₹3,032.10 on the BSE. However, the scrip has performed well this year, with a 13% increase.
In March of last year, the Income Tax Department conducted raids on Pawan Munjal and his organization, Hero MotoCorp, as part of a tax evasion investigation.
Hero MotoCorp became the world’s largest two-wheeler manufacturer in terms of annual unit volume sales in 2001, and it has maintained that position ever since. The company has a presence in 40 countries across Asia, Africa, South America, and Central America.
More details are awaited…
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Omprakash Tiwary is a business writer who delves into the intricacies of the corporate world. With a focus on finance and economic landscape. He offers readers valuable insights into market trends, entrepreneurship, and economic developments.
