Income Tax raids at Hero Motorcorp CEO Pawan Munjal's premises, financial transactions under scanner

New Delhi: The Income Tax Department is conducting raids on multiple premises of Hero Motorcorp as part of a tax evasion investigation against the country's largest two-wheeler automobile company.

Offices and residential premises of the promoters including chairman and CEO of the group Pawan Munjal in Gurugram, Haryana, Delhi and few other locations are being covered, news agency PTI quoting officials has reported.

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 — ANI (@ANI) March 23, 2022

A team of officials of the department are looking at financial documents and other business transactions of the company and the promoters, they told PTI.

The company has not yet responded on the matter. This is a developing story, further reports and updates are awaited.

Hero Motorcorp has presence across 40 countries spanning Asia, Africa, and South and Central America. The company continues to have a leading position in the domestic two-wheeler segment.