India's Hero MotoCorp says enforcement agency visited offices, chairman's residence

Reuters

Updated 1 August 2023 at 7:20 am·1-min read

FILE PHOTO: Pawan Munjal, Managing Director and CEO of Hero MotoCorp, India's largest maker of motorcycles and scooters, poses for a photo during a news conference in Villa Rica, Cauca

BENGALURU (Reuters) -Officials from India's financial crime fighting agency visited two offices of Hero MotoCorp and its chairman's residence, the two-wheeler maker said in a statement on Tuesday.

The company in an exchange filing said officials from the Enforcement Directorate visited its offices in Delhi and Gurugram as well as the residence of Chairman Pawan Munjal.

The Enforcement Directorate took cognisance of a Directorate of Revenue Intelligence (DRI) case and a Prevention of Money Laundering Act that case has been registered against Munjal, CNBC-TV18 reported, citing sources.

The news comes on the heels of an investigation ordered by the Ministry of Corporate Affairs in June to assess Hero MotoCorp's relationship with a third-party vendor in a case related to alleged diversion of funds.

Hero MotoCorp, India's largest manufacturer of motorcycles, and the Enforcement Directorate did not immediately respond to Reuters' request for comment.

The company was under the scrutiny of India's income tax authorities last year, which it had termed a "routine inquiry."

Shares of the company closed lower at 3.2% on Tuesday.

(Reporting by Aditya Kalra in New Delhi and Navamya Ganesh Acharya in Bengaluru; Editing by Sonia Cheema)

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