Tamil NaduIT Raid on Hero MotoCorp, Chairman Pawan Munjal Home, Office

IT Raid on Hero MotoCorp, Chairman Pawan Munjal Home, Office

The house and office of Hero Motors Corporation Chairman and CEO Pawan Munjal are being inspected by the Income Tax Department.

The Income Tax Department is conducting an inspection at the home and office of Pawan Munjal, Chairman and CEO of Hero Motors Corporation.

The investigation is reportedly underway following a complaint of tax evasion.

The Income Tax Department has been conducting inspections in 25 places, including Delhi and Krugram, owned by Bhawan Munjal, since this morning.

The test is being conducted in various cities in North India. Income tax officials declined to say how many locations were being tested.

Authorities say the probe is based on information received by the Revenue Investigation Division that Hero Motors and some senior executives were involved in tax evasion.

Hero declined to comment on the raid. Pawan Munjal has established branches in more than 40 countries including Asia, Africa, South America and Central America.

Hero Motors has 8 international standard manufacturing facilities. It has 6 manufacturing facilities in India and one manufacturing facility in Bangladesh and Colombia. Hero holds 50% market share in the domestic two-wheeler market.

Related Stories