The Income Tax Department raided the home and office of Hero MotoCorp Chairman, Managing Director, and CEO Pawan Munjal. Since this morning, searches have been conducted at his Gurgaon home and workplace. Officials from the company’s information technology department are also conducting searches at locations linked to other top executives.
According to Income Tax Department officials, these searches were carried out as part of a tax evasion probe into India’s largest two-wheeler manufacturer. I-T authorities searched properties in Gurugram, Haryana, Delhi, and a few other sites as part of this raid.
According to the news agency PTI, officials are reviewing financial paperwork and other business dealings of the company and its promoters. Pawan Munjal is the CEO of Hero MotoCorp, which now has a presence in 40 countries across Asia, Africa, South America, and Central America. Hero MotoCorp operates eight globally benchmarked production facilities: six in India, one in Colombia, and one each in Bangladesh.
With a market share of more than 50% in India’s motorcycle market, the two-wheeler manufacturer is a market leader.
Hero MotoCorp issued a statement in response to the raids, stating that they were advised that the searches by the Income Tax Department were part of a standard investigation that occurs at the end of the fiscal year.
The statement reported On Wednesday, officials from the Income Tax Department paid visits to two of our offices in Delhi and Gurugram, as well as our Chairman and CEO Pawan Munjal’s home. They have been told that this is a standard investigation, which happens towards the conclusion of the fiscal year.
