There seems to be no end to the woes of Pawan Munjal, chairman of Hero MotoCorp, as the Delhi Police on Monday (October 9) filed a case against him and others for fraud and forgery.
The police accused the billionaire businessman of producing fake bills, depositing them with the income tax department, and taking benefit of them in service tax. Apart from Munjal, the other parties in the Delhi
Police case are Vikram Sitaram Kasbekar, Hari Prakash Gupta, Manjula Banerjee, and Hero Moto Corp. The case has been registered on the complaint of Roop Darshan Pandey, promoter of Brains Logistics Private Limited, and on the orders of the court.
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The Hero MotoCorp chairman has been hitting the headlines for the wrong reasons for some time, as in August, the Enforcement Directorate (ED) seized assets worth Rs 25 crore from various locations linked to Munjal.
In September, he was called by the ED for the investigation in the same case.
On Monday, the Delhi Police dealt him one more blow by filing a case.
The police said that the fake bills were made in the name of the company that supplies manpower to Hero MotoCorp.
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In the first trading session after the Delhi Police filed the FIR against Munjal, Hero MotoCorp shares on Monday (October 9) were trading down 3.55 per cent, or Rs 107.90, at Rs 2,927.85 at the time of writing this article.
