In trouble for Hero Motocorp Executive Chairman Pawan Munjal, the Enforcement Directorate (ED) on Tuesday carried out searches at his residence and several other locations. According to ED sources, the agency sleuths carried out the searches at the premises of Munjal and 10 others. The source said that the financial probe agency's action was based on the complaint by the Directorate of Revenue Intelligence (DRI) case against Munjal.
The DRI team was investigating charges of carrying undeclared foreign currency, the source claimed. However, the officials of the ED remained tight-lipped on the complaint and searches against the Hero Moto Corp chairman. Further details were awaited.
In March last year, the Income Tax department carried out raids on Munjal and Hero Motorcorp as part of a tax evasion investigation and said it was looking into suspected bogus expenses to the tune of Rs 1,000 crore.