3 businessmen arrested for Rs 10 cr tax evasion

Hyderabad, Mar 14: The Directorate General of Central Excise Intelligence (DGCEI) has detected a significant evasion of Central excise duty and misuse of Cenvat credit scheme by three citybased aluminium extrusion manufacturers.

The regional unit of DGCEI has estimated the tax evasion at around Rs 10 crore, according to a release here today.

The city criminal court has remanded three persons--P Bhasakar Rao, Bharat Bhushan Agarwal and Rahul Agarwal-- judicial custody for 10 days yesterday.

The aluminium companies had availed Cenvat credit on certain goods that were not received by them and they had not used in the manufacture of their finished products.

UNI