Money laundering probe: ED conducts raids against Hero Motocorp executive chairman Pawan Munjal

NEW DELHI: The Enforcement Directorate (ED) on Tuesday conducted raids on the chairman of Hero MotorCorp, Pawan Munjal and others, after taking cognisance of a Directorate of Revenue Intelligence (DRI) case.

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).
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.
However, this recent ED raid is not the first instance of scrutiny for the company and its chairman. The Income Tax department in March last year raided Munjal and his company Hero Motorcorp, as part of a tax evasion investigation.
(With inputs from PTI)