ED at two Hero offices, Pawan Munjal’s house
NEW DELHI : The Enforcement Directorate (ED), the federal agency responsible for investigating money laundering and other financial irregularities, on Tuesday conducted searches at the premises of two-wheeler maker Hero MotoCorp Ltd and the residence of executive chairman Pawan Munjal, two people familiar with the development said. The company said it was cooperating with the agency. “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," the company informed the stock exchanges. ED investigates money laundering and violations of foreign exchange management law, among others, and often closely cooperates with other investigating agencies. Citing government officials, news agency PTI reported that Tuesday’s searches were part of a money-laundering investigation, which stems from a Directorate of Revenue Intelligence complaint.
In March 2022, the income tax department searched Hero MotoCorp premises in connection with certain mismatches in the reported income and the information the department had accessed from other sources. Later that month, without naming the company, the tax department said it had conducted a “search and seizure operation on a leading automobile manufacturer group" along with two other entities covering more than 35 premises across Delhi-NCR. The department then said it had found that certain expenses were not backed by evidence.
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