Raymond Group's Gautam Singhania pays Rs 328 cr in fine for evading duty on 142 cars

Raymond Group's Gautam Singhania pays Rs 328 cr in fine for evading duty on 142 cars

The cars were bought between 2018 and 2021. Gautam Singhania, DRI said, allegedly evaded 251.5 per cent duty applicable on the import of vintage cars, which the tycoon wants for his museum in JK House.

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DRI in its report said Singhania's firm declared wrong values in the bills of entry and presented incorrect invoices before customs.DRI in its report said Singhania's firm declared wrong values in the bills of entry and presented incorrect invoices before customs.
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Business Today Desk
  • Jan 10, 2024,
  • Updated Jan 10, 2024 9:49 AM IST

Raymond Group CMD Gautam Singhania reportedly paid Rs 328 crore in fine to settle a tax case for importing 142 cars. The 142 cars include 138 vintage and four R&D vehicles.

The DRI had filed an evasion case against Singhania, who is involved in an ugly divorce feud with Nawaz Modi, as the owner of the vehicles procured from prominent auction houses across the world such as Sothebys, according to an ET report. 

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Singhania, it has been alleged, undervalued the cars, which were allegedly routed through intermediaries registered in UAE, Hong Kong and US to evade duties worth Rs 229.72 crore. The Rs 328 crore fine includes differential duty along with interest and 15% fine. 

The cars were bought between 2018 and 2021. Singhania, DRI said, allegedly evaded 251.5 per cent duty applicable on the import of vintage cars, which the tycoon wants for his museum in JK House. 

DRI in its report said Singhania's firm declared wrong values in the bills of entry and presented incorrect invoices before customs.

JK House, Singhania’s Mumbai residence were subsequently searched. The agency also retrieved email and chats which revealed the actual prices of the cars bought.

Raymond Group CMD Gautam Singhania reportedly paid Rs 328 crore in fine to settle a tax case for importing 142 cars. The 142 cars include 138 vintage and four R&D vehicles.

The DRI had filed an evasion case against Singhania, who is involved in an ugly divorce feud with Nawaz Modi, as the owner of the vehicles procured from prominent auction houses across the world such as Sothebys, according to an ET report. 

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Singhania, it has been alleged, undervalued the cars, which were allegedly routed through intermediaries registered in UAE, Hong Kong and US to evade duties worth Rs 229.72 crore. The Rs 328 crore fine includes differential duty along with interest and 15% fine. 

The cars were bought between 2018 and 2021. Singhania, DRI said, allegedly evaded 251.5 per cent duty applicable on the import of vintage cars, which the tycoon wants for his museum in JK House. 

DRI in its report said Singhania's firm declared wrong values in the bills of entry and presented incorrect invoices before customs.

JK House, Singhania’s Mumbai residence were subsequently searched. The agency also retrieved email and chats which revealed the actual prices of the cars bought.

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