Hero MotoCorp CEO’s Residence Raided By Enforcement Directorate Amidst DRI Investigation
New Delhi, 1st August 2023: On Tuesday, the Enforcement Directorate (ED) conducted a raid at the residence of Hero Motocorp CEO, Pawan Munjal. This action was taken after the ED became aware of a case investigated by the Directorate of Revenue Intelligence (DRI). The DRI had recently captured a key associate of Munjal after discovering undisclosed foreign currency in their possession. Following this development, Hero MotoCorp’s shares experienced a decline of more than 4 per cent.
Additionally, there have been other recent developments involving Hero MotoCorp. On June 15, Moneycontrol reported that the Ministry of Corporate Affairs (MCA) has initiated a probe against the company. This investigation was launched by the MCA after taking notice of a previous probe conducted by the Income Tax department, which focused on specific transactions of Hero Motocorp.
According to news agency Reuters, the MCA will also evaluate the company’s relationship with a third-party vendor in connection with an alleged diversion of funds, as well as examine its ownership structure.
Hero Motocorp achieved the distinction of becoming the world’s largest two-wheeler manufacturer in terms of unit volume sales in a calendar year back in 2001, and it has maintained this title for two consecutive decades. The company’s presence spans around 40 countries in Asia, Africa, and South and Central America.
