ED raids Hero MotoCorp Chairman Pawan Munjal’s residence

The Enforcement Directorate raided the residence of Hero MotoCorp’s Chairman, Pawan Munjal today morning. According to provisions of the Prevention of Money Laundering Act (PMLA), searches were conducted at the Gurugram and Delhi premises.

A company statement on the matter is awaited.

According to a media report, the ministry of corporate affairs (MCA) ordered and investigation against Hero MotoCorp in June this year, on the back of alleged corporate governance norm breaches, and questions around actual beneficiaries of a ‘linked’ entity.

Similarly last year, the IT department had raided several premises of Hero MotoCorp. The CBDT (Central Board of Direct Taxation) had said that it had found alleged illegal business expenses of more than Rs 800 crore, without naming the company.