The Income Tax Department has alleged that Hero MotoCorp, India’s largest two-wheeler maker, made fraudulent expenditure of over ₹1,000 crore. According to the latest reports, which cite sources, the company made over ₹1,000 crore fraudulent expenses and over ₹100 crore cash transactions for a farmhouse in Delhi’s Chhatarpur area. A report quoting sources in the Income Tax Department said that the investigation is still on.
Read also: Hero MotoCorp on IT department visit, says not raids, but “routine enquiries”
The raids by the Income Tax Department include the residence of Hero MotoCorp Chairman and CEO Pawan Munjal.
Read also: IT department raids the office and residence of Hero MotoCorp Chairman Pawan Munjal
The allegations of fraudulent expenses came to light after the Income Tax Department conducted a search and seizure operation on March 23, 2022, against Hero MotoCorp Ltd and its Chairman and CEO Pawan Munjal at several locations in Delhi-NCR, which concluded on March 26, 2022. The search operation was conducted at more than 40 places including the residence of Pawan Munjal. The searches are believed to be part of a tax evasion probe against India’s largest two-wheeler maker.
Hero MotoCorp made fraudulent expenditure of more than Rs 1,000 crore, IT search revealed
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According to sources cited in a news report, a large number of incriminating evidence in the form of hard copy documents and digital data have been seized during the search operation. The department also found evidence of cash transactions of over ₹100 crore in the purchase of a farmhouse on the outskirts of Delhi. According to the report, Munjal bought the farmhouse where market price was rigged to save tax and black money was used to pay more than Rs 100 crore in cash, which is in violation of Section 269 SS of the Income Tax Act.
Hero MotoCorp emerged as the world’s largest two-wheeler manufacturer by volume in 2001, a position the company has managed to maintain.
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Carandbike has tried to reach out to Hero MotoCorp for a statement or a response on the latest reports, but as of now, the company has not responded. Hero MotoCorp is India’s largest two-wheeler manufacturer, and also holds the distinction of being the world’s largest two-wheeler manufacturer by volume, in terms of units sold in a calendar year, since 2001. The company also has a strong presence in over 40. Countries with manufacturing facilities outside India, Colombia and Bangladesh. The company also has assembly units in Kenya, Tanzania and Uganda in East Africa.
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