ED conducts raids against Hero Motors Pawan Munjal
The Hindu
Enforcement Directorate conducted raids against Hero Motocorp executive chairperson Pawan Munjal and others as part of a money laundering investigation, official sources said.
The Enforcement Directorate (ED) on August 1 conducted raids against Hero Motocorp executive chairperson Pawan Munjal and others as part of a money laundering investigation, official sources said.
The searches were carried out at premises located in Delhi and neighbouring Gurugram in accordance with provisions of the Prevention of Money Laundering Act (PMLA).
The investigation stems from a Directorate of Revenue Intelligence (DRI) complaint against a person, allegedly close to Mr. Munjal, who was investigated on charges of carrying undeclared foreign currency.
The Income Tax Department in March last year raided Mr. Munjal and his company Hero Motorcorp, the country’s largest two-wheeler automobiles manufacturer, as part of a tax evasion investigation. Hero MotoCorp became the world’s largest two-wheeler manufacturer in 2001, in terms of unit volume sales in a calendar year, and has maintained the title for the past 20 consecutive years.
The company has presence across 40 countries spanning Asia, Africa, and South and Central America.
Pakistan coach Gary Kirsten stated that “not so great decision making” contributed to his side’s defeat to India in the Group-A T20 World Cup clash here on Sunday. The batting unit came apart in the chase, after being well placed at 72 for two. With 48 runs needed from eight overs, Pakistan found a way to panic and lose. “Maybe not so great decision making,” Kirsten said at the post-match press conference, when asked to explain the loss.