Hero Motocorp boss Pawan Munjal’s office, residence under income tax raids | Latest News India

Mar 23, 2022 admin 186 Views

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The income tax department is conducting searches at several locations linked to top bosses of Hero Motocorp, including its promoter Pawan Munjal.

The income tax department on Wednesday morning conducted searches at multiple premises linked to the top officials of Hero Motocorp, including that of promoter Pawan Munjal, news agency ANI reported, citing sources. Reports said searches at the residence and office in Gurugram started on Wednesday morning. Premises linked to other top officials of the two-wheeler company are also being searched.

Income Tax department conducting searches at multiple premises of Hero Motocorp. The office and residence of promoter Pawan Munjal and premises linked to the top officials of the company are covered in this search. More details awaited: Sources

— ANI (@ANI) March 23, 2022

According to news agency PTI, the income tax department is investigating tax evasion allegations against Hero Motocorp. A team of officials of the department are looking at financial documents and other business transactions of the company and the promoters.

The raids come following the income tax department’s recent searches at 45 premises across Delhi-NCR, Chandigarh, Ludhiana, Lucknow, and Indore of a leading real estate firm in North India which led to the seizure of unaccounted cash of more than ₹25 crore and jewellery worth ₹5 crore.

Hero Motocorp has a presence in 40 countries in Asia, Africa, South America and Central America.

Following the news of raids, shares of Hero MotoCorp were trading down over 1% on the BSE.