ED Raids Hero MotoCorp Chairman Pawan Munjal in Money Laundering Case

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ED Raids Hero MotoCorp Chairman Pawan Munjal in Money Laundering Case

The Enforcement Directorate (ED) on Tuesday raided the residence and offices of Hero MotoCorp chairman Pawan Munjal in connection with a money laundering case. The ED is investigating allegations that Munjal and his associates laundered money through a number of shell companies.

The raids were conducted at Munjal’s residence in Gurugram, his office in Delhi, and the offices of some of his associates. The ED is said to have seized a number of documents and electronic evidence during the raids.

The ED’s investigation is based on a complaint filed by the Income Tax Department. The IT department had alleged that Munjal and his associates had evaded taxes by routing money through shell companies.

Munjal has denied the allegations against him. He has said that he is “fully cooperating” with the ED’s investigation.

The ED’s raids are a major setback for Hero MotoCorp, which is India’s largest two-wheeler manufacturer. The company’s shares fell by more than 5% on the Bombay Stock Exchange after the news of the raids broke.

The ED’s investigation is likely to have a significant impact on Hero MotoCorp’s business. The company is facing a number of challenges, including rising competition from Chinese manufacturers and a slowdown in the Indian economy. The ED’s investigation could further damage the company’s reputation and make it more difficult for it to raise capital.

The ED’s raids are also a sign of the government’s increasing focus on cracking down on money laundering. The government has made it a priority to investigate and prosecute cases of money laundering, as it is seen as a major threat to the Indian economy.

The ED’s investigation into Hero MotoCorp is likely to be a long and complex process. It is not clear what the outcome of the investigation will be, but it is sure to have a significant impact on the company and its shareholders.

Pawan Munjal, Chairman and CEO at Hero MotoCorp.

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