Agency, Aug 1. The Enforcement Directorate (ED) on Tuesday conducted raids at the residences of Pawan Munjal, Chairman, CEO and Managing Director of Hero MotoCorp Limited and some others. According to the report of the news agency PTI, ED has taken this action under the Prevention of Money Laundering Act ie PMLA on the offices and houses located in Delhi and Gurugram.
In August 2018, Pawan Munjal was offloaded from a plane at the Delhi airport. This was done because the CISF had received foreign currency worth Rs 81 lakh in the security check from a person named Amit Bali who was traveling with them. The Directorate of Revenue Intelligence was probing the matter. Now ED has raided on the basis of this input.
Hero MotoCorp shares have seen a decline of around 3% after the news of ED’s action. Hero MotoCorp’s stock was at Rs 3,101 at around 3 pm. It made a low of Rs.3032 during the trade. Its high was Rs 3244. It opened at Rs 3224.
Earlier, on March 22, 2022, the Income Tax (IT) department raided Munjal’s house and office. Then there were allegations against him of showing bogus expenses in his account. The account details that the IT team got, also had the names of some in-house companies.
According to Forbes, at the end of the year 2022, Pawan Munjal’s net worth was $ 3.55 billion (about Rs 29.20 thousand crore). Munjal was at number 56 in the list of the country’s richest businessmen in 2022. At the same time, he was at number 984 in the list of 2022 Billionaires. Munjal has three children Vasudha Munjal, Annuvrat Munjal and Supriya Munjal.
Hero MotoCorp is the world’s largest two-wheeler manufacturing company. It does its business in more than 40 countries. The company has 8 manufacturing plants with global benchmarks. Of these, 6 are in India. There are 1-1 plants in Colombia and Bangladesh. Hero MotoCorp holds more than 50% market share in the Indian two-wheeler segment.
Hero MotoCorp is working on a connected, autonomous and shared commercial platform, which includes an electric car. The company has also developed a prototype of a high-utility, modular electric three-wheeler that can be intelligently converted into a two-wheeler as per the user’s requirement. The company has displayed this vehicle.