ED raids Hero Motocorp chairman Pawan Munjal as part of money laundering probe

The Enforcement Directorate on Tuesday conducted raids against Hero Motocorp executive chairperson Pawan Munjal and others as part of a money laundering investigation, official sources said.

The searches were carried out at premises located in Delhi and neighbouring Gurugram in accordance with provisions of the Prevention of Money Laundering Act (PMLA).

The investigation stems from 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.