In an another riches to rag story, Arindam Choudhary of IIPM and “Dont count your chickens till they are hatched” fame has been arrested on 21st August, 2020 for offences punishable under Section 89 of the Finance Act, 1994.
The arrest was made of Mr Choudhary alongwith Director of IIPM, in light of Custody warrant issued by Court of Duty Metropolitan Magistrate , New Delhi. As per order the accused is remanded to judicial custody and produced before the concerned Court on 03.09.2020.
IIPM, once a high flying and reputed management institute, has had a chequered history of service tax evasion.
Faced with a cash deficit for paying service tax , he had made an entry for CENVAT Credit of nearly Rs 23 Cr. He then reflected such amount as payable in next year’s balance sheet which was never paid.
The Custody warrant issued by Court is as under:
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