Income Tax Department Raids Hero MotoCorp Multiple Premises

According to sources, the Income Tax Department is conducting raids on numerous Hero MotoCorp locations as part of a tax evasion probe against the country’s largest two-wheeler automotive company.

The office and apartment of promoter Pawan Munjal, as well as premises associated to the firm’s top managers located in Gurugram, Haryana & Delhi, are being searched.

According to them, a team of department authorities is reviewing financial paperwork and other business dealings of the company and the promoters.

The company’s response is awaited.

Pawan Munjal is the CEO of Hero MotoCorp, a manufacturer of two-wheelers. It currently operates in 40 countries in Asia, Africa, South America, and Central America.

Hero MotoCorp became the world’s largest two-wheeler manufacturer in terms of unit volume sales in a calendar year in 2001, and has held the status for the past 20 years.

It has sold over 100 million units in domestic and international markets to date.

The corporation maintains its leadership position in the domestic two-wheeler market.