VP of Sterlite arrested for alleged import excise duty evasion

TUTICORIN: Vice President of Sterlite Industries Varadharajan was arrested today in connection with alleged import excise duty evasion of Rs 750 crore, excise officials said.

Sterlite Industries is India's largest non ferrous and mining company.

The sources said the alleged duty evasion in import of raw materials for production of copper products was detected during a raid in the factory premises here for the past two days.

They said Varadharajan has been remanded to 15 days judicial custody.