PTI
Tribune News Service
New Delhi, August 1
The Enforcement Directorate today conducted searches under provisions of the Prevention of Money Laundering Act (PMLA) at premises linked to Hero Motocorp executive chairperson Pawan Munjal and others as part of its investigation in undeclared holding of foreign currency, officials said.
The officials said these searches were carried out at premises located in Delhi and neighbouring Gurugram.
The ED’s probe under PMLA is based on a Directorate of Revenue Intelligence (DRI) complaint against a person, allegedly close to Munjal, who was investigated on charges of carrying undeclared foreign currency.
The Income Tax Department in March last year raided Munjal and his company Hero Motorcorp, the country’s largest two-wheeler automobiles manufacturer, as part of a tax evasion investigation.
Hero MotoCorp became the world’s largest two-wheeler manufacturer in 2001, in terms of unit volume sales in a calendar year, and has maintained the title for the past 20 consecutive years.
The company has presence across 40 countries spanning Asia, Africa, and South and Central America.
#Enforcement Directorate
#Gurugram
