IIPM’s Arindam Chaudhuri arrested for 23 crore Tax Evasion
Arindam Chaudhuri, director of Indian Institute of Planning and Management (IIPM) arrested by the CGST South Delhi Commissionerate Arrest made on an alleged undue claim of CENVAT of service tax credit of about Rs 23 crore.
Arindam Chaudhuri, Director of Indian Institute of Planning and Management (IIPM) was arrested by the Central Goods & Services Tax (CGST) South Delhi Commissionerate on Friday under Section 89 of the Finance Act which enlists penalties for evading payment of service tax.
Chaudhuri faces charges relating to an alleged undue claim of Central Value Added Tax (CENVAT) of service tax credit of about Rs 23 crore.
Gurudas Malik Thakur, who is the Director of the company, has also been arrested under the same offences and sent to 14 days’ judicial custody.
Probe likely to cover other properties of Chaudhuri and his company including in Delhi, other cities and overseas.
Chaudhuri made a credit entry of CENVAT of around Rs 23 crore following a cash shortage to pay the service tax. He showed the amount (of Rs 23 crore) in next year’s balance sheets but never paid it.
Sources said Chaudhuri owns 90% of the closely held company, while rest is held by his wife
The once high-flying management guru’s books like, “Don’t count your chickens till they are hatched” were a big hit amongst students.
This is not the first time Chaudhuri has been caught on the wrong side of the law; his famed institute, IIPM, had been in the news earlier as well for similar cases of financial bungling.
Chaudhuri was apprehended on March 14 (2020) for allegedly submitting a forged medical certificate after police asked him to join the probe with respect to a 2016 case. He was subsequently released on bail.
In 2015, IIPM went defunct after it was found that the institute was offering MBA degrees to students on false pretences. Arindam Chaudhuri is also a movie producer.