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The Income Tax Department carried out raids at the residence and offices of Hero MotoCorp Chairman Pawan Munjal and other top executives of the company in a case of alleged tax evasion.</p>
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Over 20 premises linked to the two-wheeler giant and its chairman in Gurugram, Delhi were searched, sources in the Income Tax Department confirmed.</p>
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The search and seizure operation was based on information and tracking of the company and its officials by a team of the income tax department.</p>
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&ldquo;Officials from the Income Tax Department visited two of our offices in Delhi and Gurugram and the residence of our Chairman &amp; CEO Dr. Pawan Munjal on Wednesday. We have been informed that this is a routine inquiry, which is not uncommon before the end of the financial year,&quot; the company said in a statement.</p>
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The statement said Hero MotoCorp is an ethical and law-abiding corporate, and maintains the highest standards of impeccable corporate governance.&nbsp; &quot;In keeping with this philosophy, we are extending our full cooperation to the authorities. We reassure all our stakeholders that it continues to be business as usual,&quot; it added.</p>
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<strong>Also read: <a href="https://www.indianarrative.com/economy-news/rs-crore-black-money-deals-unearthed-in-tax-raid-on-leading-real-estate-group-in-delhi-ncr-159038.html">Rs 3,000 crore black money deals unearthed in tax raid on leading real estate group in Delhi &amp; NCR</a></strong></p>
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