The Enforcement Directorate (ED) on Tuesday conducted multiple searches at the premises of Hero Motocorp chairperson and CEO Pawan Munjal and his company in Delhi and Gurugram in a foreign currency-related case.
The ED took up the investigation under the Prevention of Money Laundering Act (PMLA) basesd on a case Directorate of Revenue Intelligence (DRI) had registered against a person suspected to be close to Munjal on charges of export of undeclared foreign currency, agency officials stated.
Munjal has come under the agency glare in the past too. Ministry of Corporate Affairs, in June, ordered a probe on Hero MotoCorp’s association with a third-party vendor following complaints of alleged diversion of funds by the country’s largest two-wheeler manufacturing company.
Similarly, the Income Tax department searched in March 2022 at his residence as well as premises of his company Hero Motorcorp to probe alleged tax violations.
The ED action had cascading impact on Hero Motocorp as its shares fell reportedly by 4 per cent. The company, in a statement, said: “Officials from the Enforcement Directorate today visited two of our offices in Delhi and Gurugram and the residence of our Executive Chairman Dr Pawan Munjal. We continue to extend all cooperation to the agency.”