Who is Pawan Munjal? Hero MotoCorp confirms ‘ED visit’ at Chairman's residence; here's what we know

livemint.com:

Enforcement Directorate (ED) on August 1 raided the residence of Hero MotoCorp chairman Pawan Munjal in a case of alleged money laundering, signalling a major escalation of investigation against the prominent businessman. The law enforcement agency conducted searches at his premises located in Delhi and neighbouring Gurugram, and registered a case against him under the Prevention of Money Laundering Act (PMLA), reported news agency PTI. Earlier today, the country's largest two-wheeler automobile manufacturer informed the stock exchanges that ED had visited Munjal's residence and two of its offices.

"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," said Hero Motocorp in a regulatory filing to the stock exchanges. The investigation stems from a Directorate of Revenue Intelligence (DRI) complaint against a person, allegedly close to Munjal, who was investigated on charges of carrying undeclared foreign currency.

In March last year, the Income Tax Department raided Munjal and his company Hero Motorcorp, as part of a tax evasion investigation. The report of the ED action against the company triggered the worst stock fall of the company in over a year, dropping over three per cent during intraday trading. On Tuesday, shares of Hero MotoCorp settled 3.14 per cent lower at ₹3,103 apiece on the BSE.