Duty evasion by prominent ceramic tiles manufacturer NITCO Limited is mounting with the company voluntarily depositing an amount of Rs 15 crore with the Directorate of Revenue Intelligence (DRI) last week.
The DRI suspects that the evasion by the company would be at least Rs 50 crore and is investigating the case further.
The agency had raided the company premises on August 28 and arrested three of its senior officials and an employee of a Customs House Agent (CHA) for an initial duty evasion worth Rs 1.47 crore on import of raw artificial marble slabs.
Among those arrested are Vikas Bajaj, business head, marble division, Anup Parashar, general manager, commercial, Bhaskar Borkar, chief finance officer and J. P. Tiwari, employee of the CHA who used to get the company’s goods cleared.
The DRI made the arrests following seizure of 30 containers at the Nhava Sheva port, which contained raw artificial marble slabs but were declared as polished ones to evade Rs 30 per sq ft duty.
“During investigation, we found that the company has been evading duty for two years,” a senior DRI official said requesting anonymity.
“We arrived at the amount (of Rs 50 crore) from the documents scanned so far,” the official said adding that the evasion figure could still move up. The DRI is waiting for the company’s managing director Vivek Talwar to report to them for questioning. The agency has served him two summons but he has not reported to the officials so far conveying to them that he is out of city. “The latest summon has asked him to be present in our office on Thursday,” the official said.
On Monday, a local court rejected the bail applications of the arrested accused.