New Delhi: The problems of Pawan Munjal, owner of Hero MotoCorp, the world’s largest two-wheeler manufacturer, are about to increase. In the recent raids conducted by the Income Tax Department on their premises, tax evasion of more than Rs 1000 crore has been detected.
It is to be known that between March 23 and March 26, the IT department had raided the houses and offices of several promoters of the company including Munjal, including in Delhi, Gurugram, for tax evasion. In which it was found that where the company had claimed to have spent 1000 crores, it was false. The investors had done nothing.
The IT department raided around 40 locations. During this several hard drives including documents, laptops were confiscated. However, there has been no response from the company on this yet.
Shares fell when it came to tax evasion
Hero MotoCorp has suffered a major setback as soon as tax evasion was detected in IT Raid. The company’s shares fell 6.68 percent on Tuesday. After which it fell by Rs 158.95 to a share price of Rs 2,219.
