New Delhi. The Enforcement Directorate (ED) conducted major raids at the residence of Pawan Munjal, chairman of Hero MotoCorp. The raids took place after the officials received information from the Directorate of Revenue Intelligence (DRI) regarding a case related to foreign exchange, in which a close aide of Pawan Munjal was arrested recently.
According to the PTI report, ED officials revealed that the searches were conducted as part of the investigation into money laundering activities. Apart from Pawan Munjal, several other people were also targeted in the raid. The searches were conducted at two places – Delhi and neighboring Gurgaon area. Following the news of ED raids, Hero MotoCorp shares witnessed a massive fall of around 4% at around 1:30 pm.
The case involving Pawan Munjal’s aide seems to have prompted a deeper probe into high-ranking Hero MotoCorp executives and their associates. As the investigation progresses, more details are likely to emerge regarding the nature of the alleged money laundering activities and the involvement of individuals in the raid. Hero MotoCorp’s investors and stakeholders will be closely watching the developments to assess the potential impact on the company’s reputation and business operations.