New Delhi: The Income Tax Department (I-T) on Wednesday conducted searches at several premises of Hero Motocorp boss Pawan Muinjal's office.
According to a report by ANI, the raids were conducted at the residence and office in Gurugram started on Wednesday morning. The other top officials were also being raided.
The I-T department is probing tax evasion allegations against Hero MotoCorp as the IT officials are looking at financial documents and other business transactions of the company and the promoters.
The reports further claimed that the raids have been conducted following the income tax department's recent searches at 45 premises across Delhi-NCR, Chandigarh, Ludhiana, Lucknow, and Indore of a leading real estate firm North India which led to the seizure of unaccounted cash of more than Rs 25 crore and jewellery worth Rs 5 crore.
Meanwhile, following the raids, the company's shares were trading down over 1 percent on the Bombay Stock Exchange (BSE).
Also watch: