February 7, 2023

Income Tax department raids Hero Group, CEO Pawan Munjal too under scanner

The Revenue Tax Division on Wednesday began its search and raid operation on the premises belonging to India’s Hero Motocorp and its CEO Pawan Munjal in relation to alleged tax evasion.

Quoting Revenue Tax officers, information company PTI reported that workplaces and residential premises of the promoters together with chairman and CEO of the group, Pawan Munjal in Gurugram, Haryana, Delhi and few different places had been being raided.

Hero Motorcorp had turn into the undisputed market chief in 2001 when it grew to become the world’s largest two-wheeler producer by way of unit quantity gross sales in a calendar 12 months. The corporate has since maintained the title for the previous 20 consecutive years.

The corporate has not but responded to the IT raids.

Hero Motorcopr has its presence in 40 international locations throughout Asia, Africa, and South and Central America.

“The searches are being performed at Hero MotoCorp Chairman Pawan Munjal premises. Over two dozen premises of Hero Moto Corp and its senior executives are additionally being searched. It’s a search and seizure motion on suspicion of tax evasion,” NDTV quoted sources within the Revenue Tax division as saying.

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