ED raids Hero MotoCorp chairman Pawan Munjal's house, know what is the whole matter

The Enforcement Directorate (ED) has clamped down on the promoter of the famous two-wheeler company Hero MotoCorp. ED raids Hero MotoCorp Chairman Pawan Munjal's house. This action of ED has been done in the case of the Directorate of Revenue Intelligence (DRI). According to the information received, DRI recently caught an associate of Pawan Munjal with undisclosed foreign currency. After which this dabish was given against him. According to the news agency, ED has raided Pawan Munjal's locations in Delhi and Gurugram. This raid is said to be the beginning of the investigation into cases related to money laundering. ED officers examined the documents in the raid at Pawan Munjal's house. However, it is not yet clear what was found in the raid.

According to a report in the news agency PTI, the ED raided the residence of Hero MotoCorp Chairman Pawan Munjal after getting information about the Directorate of Revenue Intelligence (DRI) case. It was reported that the DRI had recently caught a close associate of Pawan Munjal in an undisclosed foreign exchange case. After which the investigation of the central agency is going on.

The ED has conducted raids against Hero MotoCorp Executive Chairman Pawan Munjal and some others as part of its money laundering probe. Searches have been conducted at the premises in Delhi and neighboring Gurugram as per the provisions of PMLA. Hero MotoCorp shares declined after the news of ED raids surfaced. Hero MotoCorp's shares were down about 4 percent at 1.30 pm on Tuesday.

According to media reports, the automobile company Hero MotoCorp is on the government's radar. The Ministry of Corporate Affairs (MCA) has initiated an investigation against the company. The probe has been initiated after a preliminary probe by the Income Tax Department into certain transactions of Hero MotoCorp. The MCA will assess the company's relationship with third-party vendors in matters related to money laundering and also examine its ownership structure.

Earlier in March 2022, Hero MotoCorp was raided by the Income Tax Department for tax evasion. Then the Income Tax Department also investigated the residence of Pawan Munjal, Chairman, Chief Executive Officer, and Managing Director of Hero MotoCorp Limited. The parent company of the department, CBDT, in a statement, without naming the company, had said that it had detected alleged illegal business expenditure of over Rs 800 crore. now ed
The action has upset the top management of the company.