The Enforcement Directorate (ED) has conducted raids at the residence of Hero MotorCorp Chairman, Pawan Munjal, as part of a money laundering investigation. The searches took place at his premises in Delhi and Gurugram, under the provisions of the Prevention of Money Laundering Act (PMLA). The investigation was prompted by a complaint from the Directorate of Revenue Intelligence (DRI) against an individual allegedly linked to Pawan Munjal, who was under scrutiny for carrying undeclared foreign currency.
Background of the Investigation:
In March of the previous year, the Income Tax department had also raided Pawan Munjal and Hero MotorCorp as part of a separate tax evasion inquiry.
Hero MotoCorp’s Global Presence:
Hero MotoCorp, under Pawan Munjal’s leadership, has achieved significant milestones, becoming the world’s largest two-wheeler manufacturer in terms of unit volume sales for 20 consecutive years. The company’s presence spans across 40 countries in Asia, Africa, and South and Central America.
The recent raids conducted by the ED at Pawan Munjal’s properties add to the scrutiny surrounding the Hero MotorCorp Chairman. As the money laundering investigation unfolds, further developments in the case may be anticipated.
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