The Income Tax Department on Wednesday morning raided the premises of several top officials including Hero MotoCorp Chairman Pawan Munjal. It is reported that searches are going on at the residence and office in Gurugram since morning. Here, the news of Red has had a direct impact on the market. The company’s stock recorded a significant decline on Wednesday. At present, information has not been officially shared by the company and the IT department regarding this action.
According to news agency ANI, the Income Tax Department is conducting searches at several locations of Heromotocorp. The agency quoted sources as saying that during this time action is going on at the office and house of promoter Pawan Munjal. Along with this, many big officers of the company have also come under the scanner of the department.
According to media reports, there are allegations of showing fraudulent expenses against Munjal. It is being said that the department has also got information about some fake expenses in the documents. Recently, the department conducted raids at 45 locations of the real estate firm in Delhi-NCR, Chandigarh, Ludhiana, Lucknow and Indore. During that time, unaccounted cash of more than Rs 25 crore and jewelery worth Rs 5 crore were seized.