ED Conducts Raids Against Hero Motocorp Chairman Pawan Munjal In Money Laundering Probe

The ED on Tuesday conducted raids against Hero Motocorp Executive Chairman Pawan Munjal and some others as part of a money laundering probe, officials said, according to PTI.

Shares of Hero MotoCorp witnessed a sharp fall of over 4 per cent Tuesday following the ED raids at the residence of Pawan Munjal. The raid was initiated after the ED took cognisance of a Directorate of Revenue Intelligence (DRI) case. Earlier, the DRI had apprehended a close aide of Pawan Munjal in possession of undeclared foreign currency.

The searches were carried out at premises located in Delhi and neighbouring Gurugram in accordance with provisions of the Prevention of Money Laundering Act (PMLA).