The searches were conducted at locations in Delhi and nearby Gurugram in compliance with the requirements of the Prevention of Money Laundering Act (PMLA).
According to official sources, the Enforcement Directorate raided Hero Motocorp executive chairperson Pawan Munjal and others on Tuesday as part of a money laundering probe.
The searches were conducted at locations in Delhi and nearby Gurugram in compliance with the requirements of the Prevention of Money Laundering Act (PMLA).
The probe arises from a DRI complaint against a person who was supposedly close to Munjal and was being investigated for having undeclared foreign money.
The Income Tax Department searched Munjal and his company Hero Motorcorp, the country’s largest two-wheeler automotive manufacturer, in March of last year as part of a tax evasion investigation. Hero MotoCorp became the world’s largest two-wheeler manufacturer in terms of unit volume sales in a calendar year in 2001, and has held the status for the past 20 years.
