IT dept Raid’s Premises Linked to Hero MotoCorp Boss

New Delhi: A search is being conducted on several premises linked to Hero MotoCorp Chairman Pawan Munjal and other senior executives of the company for suspected tax evasion, officials from IT dept informed.Premises across Gurugram, Haryana, Delhi under the jurisdiction of Mr Munjal are being searched, officials added.

“The searches are being conducted at Hero MotoCorp Chairman Pawan Munjal premises. Over two dozen premises of Hero Moto Corp and its senior executives are also being searched. Search and Seizure action on suspicion of tax evasion,” people in the know said.

The raid comes in the backdrop of a recent IT raid 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. Separate teams from the finance dept of Income Tax are engaged in inspecting the finances, bussiness and other transactions of the company.

Hero MotoCorp has reported a significant 29 per cent fall in total wholesales in February. The automobile company sold 3,58,254 units as against 5,05,467 units in the corresponding period of last year- a statement by the company read.The motor company expanded its presence to 40 countries in Asia, Africa, South America and Central America.

Hero MotoCorp has 8 globally benchmarked manufacturing facilities 6 in India and 1 each in Colombia and Bangladesh.The two-wheeler maker is a dominant market leader in India with over 50 per cent share in the domestic motorcycle market.