Income Tax Conducts Raids At Hero MotoCorp Premises, Chairman Pawan Munjal's Residence

The office and residence of promoter Pawan Munjal and premises linked to the top officials of the company are covered in this search

Pawan Munjal, Managing Director of Hero MotoCorp (Getty Image)

New Delhi: The income tax department has conducted raids at the Hero MotoCorp chairman and Managing Director Pawan Munjal's residence and office on Wednesday, according to the news agency ANI.

 “Income Tax department conducting searches at multiple premises of Hero Motocorp. The office and residence of promoter Pawan Munjal and premises linked to the top officials of the company are covered in this search,” the news agency tweeted citing sources. It further added more details are awaited.

Income Tax department conducting searches at multiple premises of Hero Motocorp. The office and residence of promoter Pawan Munjal and premises linked to the top officials of the company are covered in this search. More details awaited: Sources, read ANI report.

— ANI (@ANI) March 23, 2022

Around three dozen locations have been covered in the raids since Wednesday morning, including Delhi, Gurugram, Noida, Ghaziabad and Punjab.

Apart from conducting raids at Munjal's residence and office, the I-T officials also conducted searches at Air Charter Aviation Services Private Ltd offices, own by Maninder Singh Sethi.

Hero MotoCorp has expanded its presence to 40 countries in Asia, Africa, South America, and Central America. Hero MotoCorp has established eight benchmarked manufacturing facilities including six within India and one each in Colombia and Bangladesh.

The two-wheeler maker, led by business tycoon Pawan Munjal, remains a dominant market leader with over 50 per cent share in the domestic motorcycle market.