News Brief
Hero MotoCorp Under Scrutiny Again: Chairman Munjal Faces Money Laundering Charges, ED Conducts Searches At His Residence
MD and CEO Hero MotoCorp Pawan Munjal with other top executives.(Getty Images)
The Enforcement Directorate (ED) has conducted searches at the residence of Hero MotoCorp chairman Pawan Munjal in New Delhi on Tuesday morning.
These searches are part of an investigation into a money laundering case.
Munjal has been named as a defendant in a case registered by the ED under the Prevention of Money Laundering Act (PMLA).
The raids at Munjal's house were conducted following a case filed by the Directorate of Revenue Intelligence (DRI).
The DRI had previously taken action against one of Munjal's close aides, who was apprehended at the Delhi airport with a significant amount of foreign currency.
The DRI's actions prompted the ED to conduct searches at Munjal's residence as part of their ongoing investigation into the money laundering case.
The authorities are working diligently to uncover any illicit financial activities and hold those responsible accountable.
In March 2022, the Income Tax Department conducted search operations at 25 premises associated with Hero MotoCorp as part of an investigation into tax evasion.
Hero MotoCorp, the world's largest manufacturer of motorcycles and scooters, was targeted in this probe.
Following Hero's separation from Honda in 2011, Munjal spearheaded the global expansion of Hero MotoCorp.
Munjal also holds executive positions in industry bodies such as the Confederation of Indian Industry and the Society of Indian Automobile Manufacturers.
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