ED raids Hero MotoCorp chief Pawan Munjal's premises

New Delhi, August 1

The Enforcement Directorate (ED) today conducted searches under the 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 a case related to holding of undeclared foreign currency, officials said.

According to the officials, the searches were conducted at the residential and business premises of the 69-year-old businessman, who is the promoter of the country’s largest two-wheeler manufacturing company, in Delhi and Gurugram apart from that of some linked entities. The officials said the searches were launched soon after registering a case against the accused in the case under provisions of the PMLA. In a statement, the company has reportedly said, “Officials from the ED today visited two of our offices in Delhi and Gurugram and the residence of our executive chairman Dr Pawan Munjal. We continue to extend all cooperation to the agency.”

The ED’s case under provisions of the PMLA is based on a complaint filed against Munjal by the Directorate of Revenue Intelligence.