The residence of Hero Moto Chairman Pawan Munjal was raided by the Enforcement Directorate (ED) in connection with a money laundering case. The investigation was initiated based on a complaint by the Directorate of Revenue Intelligence (DRI) against a person allegedly associated with Munjal, who was found to be carrying undeclared foreign currency. The searches were conducted at multiple locations in Delhi and Gurugram as per the provisions of the Prevention of Money Laundering Act (PMLA). The ED officials did not provide any further details about the case and the searches. Following the news, the shares of Hero Moto Corp witnessed a significant decline of 3%. The company’s share value had recently reached a 52-week high but has now dropped. Hero MotoCorp has been the largest two-wheeler manufacturer globally for the past 20 years. Stay updated with our newsletter for the latest news.
Pawan Munjal, Chairman of Hero Moto, Targeted in ED Raids
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