The Enforcement Directorate (ED) on Tuesday raided the residence of Hero MotoCorp Chairman and Managing Director Pawan Munjal after taking cognisance of a Directorate of Revenue Intelligence (DRI) case.
According to a CNBC report, a case has been registered against Munjal under the Prevention of Money Laundering Act (PMLA), 2002.
The DRI had recently apprehended a close aide of Pawan Munjal in possession of undeclared foreign currency.
In March, income tax (I-T) officials had carried out a search at the offices of Hero MotoCorp as well as Munjal’s residence. As part of the raid, I-T officials searched premises located across Gurugram, Haryana, Delhi, and a few other locations.
Various financial documents were found and were taken for further investigation. Electronic and digital data was also analysed.
Commenting on the searches, the company had then said that these were routine searches that usually take place before a financial year.
“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,” the company had said.
First Published: Aug 01 2023 | 1:03 PM IST