The Delhi Police has recently filed an FIR against Pawan Munjal, the Chairman of Hero MotoCorp, for alleged wrongdoing related to the falsification of accounts and the exploitation of fake bills to claim tax credits.
The FIR, which was lodged on October 5, accuses Munjal of engaging in acts of forgery, cheating, and the manipulation of accounting records. The alleged offenses involve an amount of Rs 5.94 crore, with a tax credit claim of Rs 55.5 lakh.
The complainant states that Hero MotoCorp, in collaboration with certain individuals, created false bills for various months totaling Rs 5,94,52,525 in the years 2009 and 2010. These bills were purportedly signed and stamped by ‘Hero MotoCorp Ltd,’ resulting in a fabricated debit balance of Rs 5,94,52,525 in the company’s accounts. Hero MotoCorp then applied for a false CENVAT (Service Tax) credit of Rs 55,51,777 based on these fake bills, thereby deceiving the Income Tax Department, Government of India, and the complainant company. It is important to note that the complainant company did not issue or submit these fake bills in 2009 and 2010, as ‘Hero MotoCorp Limited’ was not in existence until July 27, 2011, according to the certificate of incorporation issued by the Registrar of Companies, New Delhi.
In August of this year, the Enforcement Directorate (ED) initiated a money laundering investigation and carried out searches at the residential and business premises of Pawan Munjal, along with some connected entities. The 69-year-old billionaire businessman, who serves as the promoter of India’s largest two-wheeler manufacturer, was subjected to scrutiny by the ED. These raids were conducted following the registration of a case against Munjal and others under the Prevention of Money Laundering Act (PMLA).
Hero MotoCorp responded to the ED’s actions by stating, “Officials from the Enforcement Directorate (ED) today visited two of our offices in Delhi and Gurugram and the residence of our Executive Chairman Dr Pawan Munjal. We continue to extend all cooperation to the agency.”
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