1000 crore scam found in Income Tax raid on Hero Motocorp, shares slipped

Suspicious information has been found in hard copy and digital data in Income Tax raid. So far Hero MotoCorp has not given any clarification on this news.

Rs 1,000 crore scam unearthed in Income Tax raids on Hero Motocorp. 

Rs 1,000 crore scam unearthed in Income Tax raids on Hero Motocorp. It is said that it was shown as an expense in the account of the company, whereas in reality the company did not spend it. This news affected the shares of the company. The company’s stock fell nearly 7 percent on Tuesday.

1000 crore scam found in Income Tax raid on Hero Motocorp, shares slipped
1000 crore scam found in Income Tax raid on Hero Motocorp, shares slipped

Sources told CNBC-TV18 that the Income Tax Department conducted raids on Hero MotoCorp’s premises from March 23 to March 26. It was found that the company had claimed expenditure of Rs 1,000 crore, which was not actually done.

The investigation found many suspicious information

An official statement in this matter is awaited. Meanwhile, news agency ANI has quoted sources as saying that suspicious information has been found in hard copy and digital data in Income Tax raid. So far Hero MotoCorp has not given any clarification on this news.

Hero MotoCorp shares slip

Meanwhile, Hero MotoCorp’s stock has seen a major fall. Hero MotoCorp shares closed 6.68 per cent lower at Rs 2,219 on Tuesday. Hero MotoCorp’s stock has been under pressure since the beginning of this year. Its stock has fallen more than 10 percent so far this year.

A total of 40 places were raided

The Income Tax Department’s raid lasted for four days. During this several premises belonging to Hero MotoCorp were raided. The residence of the company’s chairman and managing director Pawan Munjal in Delhi-NCR was also investigated. The Income Tax Department had raided a total of 40 locations linked to Hero MotoCorp.

Farm house was bought with black money 

ANI has reported that the Income Tax Department has also received information about the purchase of a farm house in Chhatarpur, Delhi with a transaction of more than Rs 100 crore.

According to media reports, Munjal had bought a farmhouse in Chhatarpur. The real cost of the farmhouse was hidden to save tax. Apart from this, black money was used to buy it. This transaction is said to be worth Rs 100 crore.

Hero MotoCorp called it a routine inquiry

Hero MotoCorp had issued a statement on 23 March after the Income Tax Department’s raid started. In this, he had said that the Income Tax Department has raided his offices and residences. The company called it a routine inquiry.

“Income tax officials have visited our two offices in Delhi and Gurugram on Wednesday. They have also visited the residence of our Chairman and CEO Dr. Pawan Kumar Munjal. We have been told that this routine There is an enquiry, which is not uncommon before the end of the financial year.”