Billionaire Gautam Singhania Pays A Heavy Penalty Of Rs. 328 Crores For Evading Duty On 142 Vehicles

The CMD of Raymond Group, Gautam Singhania is leading the headlines as he recently paid a hefty penalty. As per a report by the Economic Times, Gautam Singhania paid a fine of Rs. 328 crores for importing 142 vehicles without paying the necessary duties. DRI filed a case against Gautam for procuring vehicles from prominent auction houses across the world without paying duties.

Gautam Singhania paid a penalty of Rs. 328 crores

The investigation revealed that Gautam was identified as the beneficiary and possessed 138 vintage cars and four research and development vehicles under the auction. The report also stated that Raymond Group imported vintage cars auctioned from 2018 to 2021 using invoices which allegedly enabled the evasion of customs duties. Gautam’s aim was to evade custom levies and duties totalling Rs. 229.72 crore.

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DRI’s report also accused Gautam’s firm of declaring wrong values in the bills and incorrect invoices despite being aware of the actual costs of the vehicles. In his statement to DRI, Gautam took full responsibility for the charges. The Raymond group also stated that the DRI’s case was old and involved inaccurate calculations. However, the matter is now closed as the company paid a whopping fee of Rs. 328 crore, which included differential duty along with interest and a 15% fine.

Meanwhile, multiple reports state that Gautam Singhania is planning a car museum at JK House, Cumballa Hill. His love for cars is known to everyone as he owns a range of supercars like the Maserati MC20, McLaren 570S, McLaren 720S, Lincoln Zephyr Hotrod, 1973 Pontiac Trans AM SD, Lotus Elise, Honda S2000, Ferrari 296 GTB and others.

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Gautam Singhania’s troubled personal life

Not just his professional life, but Gautam Singhania’s personal life is also under the public domain after the business tycoon announced his separation from his wife, Nawaz Modi, on November 14, 2023. Gautam’s wife, Nawaz also revealed being a victim of domestic violence and getting assaulted by her husband on various occasions.

Amid the divorce proceedings, Gautam’s estranged wife, Nawaz, has also reportedly demanded 75 per cent of his fortune after their divorce. According to a report by the Economic Times, Gautam has tentatively agreed to the demand but also proposed creating a family trust where he would be the sole managing trustee, a term which Nawaz didn't accept. 

Gautam Singhania is one of the richest persons in India with an estimated net worth of Rs. 11000 crores.

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