Income Tax raids at Hero Motorcorp CEO Pawan Munjal's premises, financial transactions under scanner

The Income Tax Department is conducting raids on multiple premises of Hero Motorcorp as part of a tax evasion investigation against the country's largest two-wheeler automobile company.

Offices and residential premises of the promoters including chairman and CEO of the group Pawan Munjal in Gurugram, Haryana, Delhi and few other locations are being covered, sources reported.

A team of officials of the department are looking at financial documents and other business transactions of the company and the promoters, they told sources, further reports and updates are awaited.