Home Finance Pawan Munjal FIR:Delhi Police has registered an FIR against Pawan Munjal, the Executive Director of Hero MotoCorp

Pawan Munjal FIR:Delhi Police has registered an FIR against Pawan Munjal, the Executive Director of Hero MotoCorp

by khushahal vishwakarma
Pawan Munjal FIR

Pawan Munjal FIR: Delhi Police has filed an FIR against Pawan Munjal, the Executive Director of Hero MotoCorp, and the stock has fallen by 2.75%.

At around 12:26 noon, the shares were down by 2.75% or 83.50 points, trading at 2954.35 from the day’s opening.

What is Pawan Munjal FIR:

According to the FIR, the complaint has been filed against five accused – the company Hero MotoCorp, Executive Pawan Munjal, Vikram Kasbekar, and Hari Gupta, both identified as officials in Hero MotoCorp, and Manjula Banerjee (an auditor for the company in 2009 and 2010) identified as a participant in Deloitte Haskins & Sells. The complainant is Brain Logistics.

The complaint alleges that the accused engaged in “manipulation and fraud in books” and created fake monthly bills totalling 5,94,52,525 (₹5.95 crores) for the years 2009 and 2010 against the complainant.

Brain Logistics further claimed that its contract with Hero MotoCorp ended on March 31, 2009, and all bills claimed by the company after that date were incorrect.

At 12:26 noon, when this story was first written, the stock was down by 2.75% or 83.50 points from the day’s opening, trading at 2954.35. At 1:45 p.m., the stock further dropped by 3.10 points to reach 2949.15.

In Trouble for Tax Evasion In August this year, the Enforcement Directorate (ED) conducted searches related to money laundering involving Munjal and others, according to official sources.

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These searches were conducted at the residences and business premises of the 69-year-old billionaire industrialist in Delhi and neighbouring Gurugram, as well as at some premises associated with certain organizations.

Sources said the ED initiated these raids after filing a case against him under the Prevention of Money Laundering Act (PMLA) following a complaint by the Central Board of Direct Taxes (CBDT) and the Directorate of Revenue Intelligence (DRI).

Reportedly, customs officials seized foreign currency worth over ₹81 lakhs from Munjal’s hand baggage during security checks on a British Airways flight to London just before his boarding from Delhi’s Indira Gandhi International Airport on August 20, 2018.

The Customs Department has confiscated this currency under the Foreign Exchange Management Act (FEMA), and it is said that legal proceedings in this case are ongoing.

In March 2022, the Income Tax department conducted raids on Munjal and Hero MotoCorp premises in connection with a tax evasion investigation. The Administrative Authority of the IT department, Central Board of Direct Taxes, revealed that during these searches, tax officials unearthed over ₹800 crores of allegedly undisclosed business expenses. Additionally, records indicating the use of “unaccounted” cash over ₹60 crores for the purchase of land in Delhi and the involvement of some dubious companies were also found.

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In response to these allegations, the automobile company released a regulatory filing stating that it is a “law-abiding corporate with strong internal financial controls” and emphasized that its “financial disclosures are subject to statutory audits.”

About the Company Hero MotoCorp is one of the world’s largest two-wheeler manufacturers, and according to its website, it has maintained its position as the top-volume seller of two-wheelers based on unit sales in a calendar year since 2001.

With a presence in 40 countries across Asia, Africa, and South and Central America, the company has established a significant global presence.

As stated on its official website, Hero MotoCorp has highlighted that “over the last decade, the company has rapidly expanded its capabilities, geographical footprint, customer touchpoints, and R&D capabilities to emerge as a truly global brand.

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