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Taking strict measures to unearth blackmoney, the Central Excise Intelligence department has arrested the director of a firm manufacturing ayurvedic products for allegedly hiding profits to the tune of over Rs10 crore.
Arrests in tax evasion cases are very rare and enforcement agencies take the step only when they have a water-tight case.
According to sources in the Directorate General of Central Excise Intelligence (DGCEI) in Delhi, a team of officials from the national capital conducted searches at nine locations of the firm - Panchwati Prayogshala - in Meerut and Roorkee districts and arrested its Director Pankaj Goel earlier this week.
The firm, according to sources, has now deposited an amount of Rs 50 lakh with the central excise department after initial probe found huge tax evasion on its part.
"The stress of the searches and raids is to crackdown on tax evasion by such firms and subsequent creation of blackmoney," a senior officer involved in the operation said.
The firm, which manufactures ayurvedic products such as digestive tablets, mints and confectionery under the 'Panchwati' brand, had a turnover of more than Rs 46 crore during February 2009-December 2010 from its Meerut unit alone.
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