Hero Motocorp confirms visit by ED officials at its offices, Pawan Munjal’s residence

Officials from the Enforcement Directorate today visited two of our offices in Delhi and Gurugram and the residence of our Executive Chairman Dr Pawan Munjal, said Hero Motocorp in a filing

New Delhi: Hero Motocorp has confirmed the visit by the Enforcement Directorate (ED) officials at its offices and residence of company chairman Pawan Munjal.

“Officials from the Enforcement Directorate today visited two of our offices in Delhi and Gurugram and the residence of our Executive Chairman Dr Pawan Munjal. We continue to extend all cooperation to the agency,” the company said in a filing.

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Hero Motocorp shares ended down by 3.14 per cent at Rs 3103 on BSE following the reports of ED searches.

ED sources said that the financial probe agency’s action is based on the complaint by the Directorate of Revenue Intelligence (DRI) against Munjal.

The DRI team had found foreign currency from Munjal premises, the source claimed.

However, the officials of the ED remained tight-lipped on the case and searches against Hero Moto Corp chairman.