Money laundering probe: ED conducts raids against Hero Motocorp executive chairman Pawan Munjal – Newz9

The searches had been carried out at premises positioned in Delhi and neighbouring Gurugram in accordance with provisions of the Prevention of Money Laundering Act (PMLA).
Hero MotoCorp grew to become the world’s largest two-wheeler producer in 2001, when it comes to unit quantity gross sales in a calendar 12 months, and has maintained the title for the previous 20 consecutive years.

The firm has presence throughout 40 nations spanning Asia, Africa, and South and Central America.
However, this current ED raid will not be the primary occasion of scrutiny for the corporate and its chairman. The Income Tax division in March final 12 months raided Munjal and his firm Hero Motorcorp, as a part of a tax evasion investigation.
(With inputs from PTI)