ED Raid on Pawan Munjal: Enforcement Directorate Raids Hero Motocorp's Executive Chairperson in Money Laundering Case
The Enforcement Directorate conducts raids on Hero Motocorp's Executive Chairperson Pawan Munjal and others in connection with a money laundering investigation under the Prevention of Money Laundering Act (PMLA).
New Delhi, August 1: The Enforcement Directorate on Tuesday conducted raids against Hero Motocorp executive chairperson Pawan Munjal and others as part of a money laundering investigation, official sources said. The searches were carried out at premises located in Delhi and neighbouring Gurugram in accordance with provisions of the Prevention of Money Laundering Act (PMLA). ED Raids BYJU’s Office: No FEMA Violations Found So Far After Enforcement Directorate Searches at BYJU’S Premises in Bengaluru.
The investigation stems from a Directorate of Revenue Intelligence (DRI) complaint against a person, allegedly close to Munjal, who was investigated on charges of carrying undeclared foreign currency. The Income Tax Department in March last year raided Munjal and his company Hero Motorcorp, the country's largest two-wheeler automobiles manufacturer, as part of a tax evasion investigation. ED Raids 15 Banks in Illegal Forex Trading on TP Global FX Platform, Freezes Over Rs 121 Crore.
Hero MotoCorp became the world's largest two-wheeler manufacturer in 2001, in terms of unit volume sales in a calendar year, and has maintained the title for the past 20 consecutive years. The company has presence across 40 countries spanning Asia, Africa, and South and Central America.