IT raids at Hero MotoCorp offices, Pawan Munjal residence

The IT department is investigating allegations of tax evasion against Hero MotoCorp.

The income tax department has conducted searches at the Hero MotoCorp premises. Raids were also conducted at chairman Pawan Munjal's residence and office in Gurgaon.

According to media reports, Hero MotoCorp's financial transactions are under the scanner as the IT department is investigating allegations of tax evasion against the company.

Hero MotoCorp is one of the largest 2-wheeler manufacturers with a presence in 40 countries in Asia, Africa, South and Central America. The brand has more than 50% market share in the Indian 2-wheeler segment.

Source: ANI