The Income Tax Department has conducted raids at the Hero MotoCorp Chairman and Managing Director Pawan Munjal's residence and office. Searches are underway at his residence and office in Gurgaon since morning. I-T department officials are also conducting searches at premises lined to other top officials of the company.
According to news agency PTI, the income tax department is investigating tax evasion allegations against Hero Motocorp. A team of officials of the department are looking at financial documents and other business transactions of the company and the promoters. Hero Motocorp has a presence in 40 countries in Asia, Africa, South America and Central America. The two-wheeler maker is a dominant market leader in India with over 50 per cent share in the domestic motorcycle market.