The Anti-Evasion Unit of the Commissionerate of Central Excise has discovered excise duty evasion to the tune of crores, by Muthoot Precious Metals Corporation headquartered here.
A press release from the commissioner of the Anti-Evasion Unit, Kolkata, mentioned that the company had manufactured branded gold and silver coins through VNM Jewel Craft Ltd and sold the goods through their branches located in various parts of the country from March 1, 2011, to March 16, 2012. Upon inquiry, it has been found that a duty of `4.5 crore has been evaded by the company.
The Commissionerate of Central Excise said that action will be initiated against the company if the duty, along with the fine, is not paid. Muthoot Group chief executive officer P E Mathai denied knowledge of the same. “Apart from the media reports doing the rounds, we have no knowledge about the matter.,” he said.