Hero MotoCorp Stocks Dip 3% Amid Delhi Police FIR Against Chairman Pawan Munjal

It’s important to mention that back in August this year, a report by PTI mentioned that the Enforcement Directorate had conducted searches related to a money laundering investigation, which also had Pawan Munjal involved.

Delhi Police filed a complaint against Pawan Munjal, the Chairman of Hero Motorcorp, as per CNBC-TV18. The accusation is that Munjal used fake bills from his company to claim tax credits. This FIR was officially recorded by Delhi Police on October 5 last week, as reported by ET.

Based on the information provided, the complaint suggests that the accused worked together to commit fraud by falsifying financial records. They allegedly created fake monthly bills “cheat and falsify the books … and manufactured fake month wise bills debited against the complainant totaling Rs 5,94,52,525 ( Rs 5.95 crore) for 2009 and 2010.”

1. Brains Logistics claims that any bills showing charges after March 31, 2009, are fake because their contract with Hero MotoCorp ended on that date.

2. Hero MotoCorp’s stock price dropped slightly from 2954.35 to 2949.15 since the beginning of the day.

3. The Enforcement Directorate (ED) conducted searches at the 69-year-old billionaire businessman’s homes and businesses in Delhi and nearby Gurugram. They also searched places related to some connected companies.

As per the reports, the ED conducted these searches because they had started an investigation against them under the Prevention of Money Laundering Act (PMLA).

The company issued a statement recognizing the ED’s visit and expressing their willingness to work closely with the agency.

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