Rs 4.51 crore tax evasion by Muthoot Precious Metals

NEW DELHI: Muthoot Precious Metals Corporation, a sister concern of Kochi-based Muthoot group, has evaded Rs 4.51 crore in central excise duty in manufacturing and selling of branded gold and silver coins during one-year period up to March this year.

"Muthoot Precious Metals Corporation manufactured branded gold and silver coins through job-worker VNM Jewel Crafts Ltd for their customers and sold through their branches located throughout India during March 1, 2011 to March 16, 2012 without payment of central excise duty violating notification ... and thereby evaded central excise duty to the tune of Rs 4,50,55,933," Central Excise Commissionerate (Kolkata) said in a statement.

When contacted Muthoot group Chief Executive Officer P E Mathai told PTI that the company has no information about such a development.

"We have not been intimated through a notice or any other means.... We can react only after receiving proper information," he said.