The bottlers for Pepsi in Nepal Varun Beverages today deposited Rs 1.6 billion as bail amount in order to prevent the arrest of its officials charged in a fake value-added tax (VAT) bill case.
The Department of Revenue Investigation (DRI) had on Tuesday filed a case against seven current and former officials including Amit Gupta, Rabikanta Jayapuriya, Rohit Kohali, Prabin Kumar Agrawal, Binod Kumar Singh and Ashok Kumar of the multinational company for evading tax worth Rs 649.6 million by producing fake VAT invoices.
The department has sought Rs 1.6 billion bail for seven incumbent and former officials of Varun Beverages, confirmed the department that has claimed that a consortium of banks led by Standard Chartered Bank has provided the bank guarantee on behalf of the company. “The department had interrogated four officials including Binod Kumar Singh and Ashok Kumar Singh before filing the case,” it said, adding that the department’s probe revealed that the company used to issue cheques in line with the fake VAT bills, only for the other parties to return the amount after charging eight per cent commission on the value of fake VAT bills.
Since a year, the department has prepared tax evasion cases worth Rs 12 billion against 130 of the 981 companies under investigation.
The Department of Revenue Investigation (DRI) had on Tuesday filed a case against seven current and former officials including Amit Gupta, Rabikanta Jayapuriya, Rohit Kohali, Prabin Kumar Agrawal, Binod Kumar Singh and Ashok Kumar of the multinational company for evading tax worth Rs 649.6 million by producing fake VAT invoices.
The department has sought Rs 1.6 billion bail for seven incumbent and former officials of Varun Beverages, confirmed the department that has claimed that a consortium of banks led by Standard Chartered Bank has provided the bank guarantee on behalf of the company. “The department had interrogated four officials including Binod Kumar Singh and Ashok Kumar Singh before filing the case,” it said, adding that the department’s probe revealed that the company used to issue cheques in line with the fake VAT bills, only for the other parties to return the amount after charging eight per cent commission on the value of fake VAT bills.
Since a year, the department has prepared tax evasion cases worth Rs 12 billion against 130 of the 981 companies under investigation.
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