Quick Summary
The Income Tax department of India is probing an alleged tax evasion of $50 million by Supam Maheshwari, the founder of FirstCry, an online retailer of baby and child products. The department has sent notices to Maheshwari asking why he did not pay taxes on equity transactions conducted in FirstCry.
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FAQ :
Supam Maheshwari, the founder of FirstCry, is under investigation.
The alleged tax evasion amounts to $50 million.
FirstCry is an online retailer specialising in baby and child products.
If found guilty, Maheshwari could face a fine of up to 200% of the evaded taxes and imprisonment for up to 7 years.
Yes, Maheshwari has denied any wrongdoing, stated he is cooperating with tax authorities, and is confident the investigation will clear his name.
Yes, the tax department is also probing several investors in FirstCry, including ChrysCapital Management Co and Sunil Bharti Mittal's family office.
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