Delhi Police registers FIR against Hero MotoCorp’s Pawan Munjal, stock tumbles 2.75%
At around 12.26 pm, the stock is down 2.75 percent or 83.50 points to 2954.35 from day's open
The Delhi Police has registered a FIR against Hero MotoCorp’s Executive Chairman Pawan Munjal, sources reported on October 9.
As per the FIR seen by Mint, the complaint has been registered against five accused company Hero MotoCorp, executive Pawan Munjal; Vikram Kasbekar and Hari Gupta, both identified as officers in Hero MotoCorp; and Manjula Banerji (auditor for the company in 2009 and 2010), identified as a partner in Deloitte Haskens & Sells. The complainant is Brains Logistics.
As per the report, the complaint has alleged that the accused colluded to “cheat and falsify the books … and manufactured fake month wise bills debited against the complainant totaling ₹5,94,52,525 ( ₹5.95 crore) for 2009 and 2010."
Brains Logistics further alleges that its contract with Hero MotoCorp ended on March 31, 2009 and thus all bills claiming debits to them post that date are falsified.
At around 12.26 pm, the stock is down 2.75 percent or 83.50 points to 2954.35 from day's open.
In August of this year, the Enforcement Directorate (ED) conducted searches related to a money laundering investigation involving Munjal and others, according to official sources as reported by PTI.
The searches took place at the 69-year-old billionaire businessman's residential and business premises in Delhi and neighbouring Gurugram, as well as at locations associated with some linked entities.
The ED initiated these raids following the registration of a case against them under the provisions of the Prevention of Money Laundering Act (PMLA), the sources added.
The company issued a statement acknowledging the ED's visit to two offices in Delhi and Gurugram, along with the residence of their Executive Chairman, Dr Pawan Munjal.
The statement emphasized the company's commitment to cooperating with the agency.
The ED case originates from a complaint filed against Munjal by the Directorate of Revenue Intelligence (DRI), an investigative branch of the Central Board of Indirect Taxes and Customs (CBIC), the report added.
