FIR Filed Against Hero MotoCorp's Pawan Munjal In Delhi, Shares Fall Over 3%

The Delhi police has filed an FIR against Pawan Munjal, the Executive Chairman of Hero MotoCorp, CNBC-TV 18 reported. The FIR was registered in relation to a matter before 2010 and has no relation with any ongoing investigation.

Hero MotoCorp shares

The shares of Hero MotoCorp fell at 1:20 pm IST after the news broke out and were trading at Rs 2,946, down by 3.03 percent.

ED raid in August

In August 2023, the Enforcement Directorate (ED) raided Hero Motocorp Chairman Pawan Munjal’s residence after it took cognisance of a Directorate of Revenue Intelligence (DRI) case. The DRI apprehended one of Munjal’s close aides in possession of undeclared foreign currency. The raids against Munjal are a part of a money laundering probe.

The ED raided 11 locations linked to Hero MotoCorp Chairman and Chief Executive Officer Pawan Munjal in connection with a money laundering probe.

The searches were carried out in Delhi and Gurugram in accordance with provisions of the Prevention of Money Laundering Act.

Hero MotoCorp's statement:

“This is with reference to the recent news item regarding an FIR against the company/ officials. This is to inform that it is an old matter pertaining to the year 2009-10 with a disgruntled service provider, Brains Logistics Pvt. Ltd. (Promoter - Roop Darshan Pandey).

"It may also be noted that while the complainant has mentioned company officials in the complaint, however, no official has been named in the FIR. In 2013, Hero MotoCorp also registered an FIR against them and the matter is ongoing before the competent court.”