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ED raids Hero MotoCorp chief Pawan Munjal’s residence in connection with Revenue Intelligence case

Recently, the Directorate of Revenue Intelligence (DRI) apprehended a close aide of Munjal in possession of undeclared foreign currency.

On Tuesday, August 1, the Enforcement Directorate raided Hero MotoCorp’s chairman and Chief Executive Officer (CEO) Pawan Munjal’s residence and other locations linked to him in Gurugram. As per reports, around 12 locations are being raided by the central agency’s officials.

In a statement to the news agency ANI, ED said, “The searches are being conducted at Hero Group chief Pawan Munjal’s residence and many other locations after taking cognisance of a Directorate of Revenue Intelligence (DRI) case.”

Recently, the Directorate of Revenue Intelligence (DRI) apprehended a close aide of Munjal in possession of undeclared foreign currency. PTI quoted unnamed sources in ED that the raid at locations linked to Munjal was part of a money laundering probe.

IT raid at Hero MotoCorp in March last year

In March 2022, the Income Tax department raided 40 premises, including Hero MotoCorp officers and the chairman’s residence, as part of a tax evasion investigation.

In a statement, the company said, “Officials from the Income Tax Department visited two of our offices in Delhi and Gurugram and the residence of our Chairman and CEO Pawan Munjal on Wednesday. We have been informed that this is a routine inquiry, which is not uncommon before the end of the financial year.”

During the investigation, the IT department found bogus expenses worth Rs 1,000 crores. Furthermore, it was reported that property worth Rs 100 crores was bought was Pawan Munjal to save taxes. It was believed he used black money to buy those properties.

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OpIndia Staff
OpIndia Staff
Staff reporter at OpIndia

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