Income Tax department raids Hero MotoCorp, CMD Munjal’s residence | India News


NEW DELHI: In one of the most high-profile actions against a top industrial group in the country in recent times, the income tax department on Wednesday conducted raids around 20 locations of two-wheeler major Hero MotoCorp, and also at the residence and office of company chairman and CEO Pawan Munjal.
Sources in the IT department said the raids were linked to a case of alleged tax evasion and based on “information” and “tracking” of the company and its officials. The raids continued till late in the evening, although it is not yet clear whether Munjal and senior officials of the company have been questioned as yet related to the matter.
They said the raids started early in the morning at Gurgaon, Delhi and multiple locations but did not elaborate. The sources in the tax department said that raids are continuing even late in the evening. “It is still on,” a source said, adding that it is likely to continue for now. The tax department has not commented on the raids so far. Hero MotoCorp is the country’s largest two-wheeler maker and has factories in Haryana, Rajasthan, Uttarakhand, Gujarat and Andhra Pradesh. It also has plants overseas in neighbouring Bangladesh and Colombia in Latin America. The company has a 34% share of the country’s two-wheeler market.