In a surprising turn of events, Supam Maheshwari, the founder of FirstCry, is being investigated for alleged tax evasion amounting to ₹50 million ($675,000). The investigation is being conducted by the Directorate General of Goods and Services Tax Intelligence (DGGI), Pune zone.
The DGGI has initiated a probe into the matter after receiving a tip-off about the alleged tax evasion.
- The investigation is currently in its preliminary stages, and the DGGI is in the process of gathering evidence and documents related to the case.
- It is reported that the alleged tax evasion is linked to the transactions made by BrainBees Solutions Pvt Ltd, the parent company of FirstCry.
FirstCry, an online store for baby and kids products, has been a popular choice among parents in India.
- The company has witnessed significant growth over the years and has expanded its operations to various countries.
- However, this investigation could potentially tarnish the reputation of the company and its founder.
Supam Maheshwari, a seasoned entrepreneur, co-founded FirstCry in 2010. Under his leadership, the company has grown to become one of the largest online retailers of baby and kids products in Asia. The investigation into the alleged tax evasion comes as a shock to many who have admired Maheshwari for his entrepreneurial journey and success.
It is important to note that this is not the first time a prominent entrepreneur in India has faced legal issues related to tax evasion.
- In recent years, several business leaders have been under the scanner for similar reasons.
- This incident serves as a reminder of the importance of adhering to tax laws and regulations.
As the investigation is ongoing, it is advised to wait for the official statement from the DGGI or FirstCry before drawing any conclusions. It is crucial for the public and stakeholders to have complete and accurate information before forming an opinion on the matter.
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