Delhi Police registers FIR against Hero MotoCorp's Pawan Munjal

The Delhi Police has registered an FIR against Hero Motorcorp’s Chairman Pawan Munjal, a CNBC-TV18 report says. According to the latest reports, Munjal has been accused of availing tax credits on fake bills generated by his company. An ET report says that the FIR by the Delhi Police was registered on October 5 last week.

In August this year, a PTI report had noted that the Enforcement Directorate had carried out searches in connection with the money laundering probe that involve Munjal.

Brains Logistics also alleges that all bills claiming debits to them post March 31, 2009 are falsified as its contract with Hero MotoCorp, ended on March 31, 2009.

The company's stock went down to 2949.15 from 2954.35 from day’s opening.

The 69-year-old billionaire businessman’s residential and business premises in Delhi and neighbouring Gurugram were searched by the ED. Locations associated with some linked entities were also searched.

As per reports, these raids were initiated by the ED initiated following the registration of a case against them under the provisions of the Prevention of Money Laundering Act (PMLA). 

ED’s visit was acknowledged by a company statement which emphasized the company’s commitment to cooperating with the agency.