The Enforcement Directorate (ED) launched a series of raids on Tuesday targeting Pawan Munjal, the executive chairperson of Hero Motocorp, and several others as part of an ongoing money laundering probe, as per official sources.The searches were conducted at various locations in Delhi and Gurugram, in accordance with the Prevention of Money Laundering Act (PMLA).Following the news of the raids, the companys shares experienced a significant dip, reaching a days low of ₹3,063 per share, down 4.4%.The investigation originated from a complaint filed by the Directorate of Revenue Intelligence (DRI) against an individual allegedly associated with Pawan Munjal. This person was under scrutiny for carrying undeclared foreign currency.I-T Department raided Pawan Munjal, Hero Motocorp last yearLast year in March, the Income Tax Department also conducted raids on Pawan Munjal and his company Hero Motorcorp as part of a separate investigation into possible tax evasion.Hero MotoCorp, the countrys largest two-wheeler manufacturer, achieved the distinction of being the worlds top two-wheeler seller in terms of unit volume sales in a calendar year back in 2001. It has retained this title for the past two decades.The company has a widespread global presence with operations in 40 countries, including regions in Asia, Africa, South America, and Central America.
