Delhi Police have filed a complaint against Pawan Kant Munjal, the chairman, managing director, and CEO of Hero, India’s top two-wheeler manufacturer, along with three others, accusing them of forgery.
What Happened? Hero clarified to CNBC-TV18 that this complaint stems from an old issue predating 2010 and has no connection to current investigations or tax probes.
In August, the Enforcement Directorate (ED) seized assets valued at $3 million from Munjal and others after a money-laundering inquiry. This investigation began after allegations surfaced that Munjal used a third-party vendor of Hero to illicitly transfer $6.53 million (approximately ₹54.36 crore) in foreign currency and valuables for personal use.
During their search, the ED found foreign currency, cash, and jewellery worth around ₹25 crore across 12 locations linked to Hero and its promoter.
This ED action followed a June directive from the Ministry of Corporate Affairs, which called for a probe into Hero’s dealings with the third-party vendor, Salt Experience and Management, concerning alleged fund misdirection. Additionally, last year, income tax officials examined Hero’s finances, which the company dismissed as a “routine inquiry.”
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Price Action: Hero Motocorp shares were trading 3.02% lower at ₹2,946.35 on Monday afternoon.
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