Income tax raids at Hero Motocorp, CEO Pawan Munjal in a big trouble

The income tax department on Wednesday morning conducted searches at multiple premises linked to the top officials of Hero Motocorp, including that of promoter Pawan Munjal, news agency ANI reported, citing sources.

Reports said searches at the residence and office in Gurugram started on Wednesday morning. Premises linked to other top officials of the two-wheeler company are also being searched.

According to news agency PTI, the income tax department is investigating tax evasion allegations against Hero Motocorp. A team of officials of the department are looking at financial documents and other business transactions of the company and the promoters.

The raids come following the income tax department’s recent searches at 45 premises across Delhi-NCR, Chandigarh, Ludhiana, Lucknow, and Indore of a leading real estate firm in North India which led to the seizure of unaccounted cash of more than ₹25 crore and jewellery worth ₹5 crore.

Hero Motocorp has a presence in 40 countries in Asia, Africa, South America and Central America.

Following the news of raids, shares of Hero MotoCorp were trading down over 1% on the BSE.