Be it a small business or a large multi-national business, tax evasion is a crime that will land the owner in trouble. That is what happened to this business.
Several showrooms of jewelry chain Joyalukkas are being raided in Chennai over allegations of tax evasion. Income Tax officials began the searches this morning.
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“The searches are following allegations of tax evasion. We will be able to share more information later,” a senior Income Tax officer told a national news channel.
Established in Gulf countries, jewelry major Joyalukkas has a 130-showroom network spread across 11 countries, including Qatar, Oman, Bahrain, India and the UK.
In 2015, John Paul Joy Alukkas, the 29-year-old executive director of Joyalukkas group and son of its chairman Joy Alukkas was ranked 8th wealthiest on the Wealth-X list of millennials — defined as those born from 1981 to 1997, as per the global wealth intelligence and prospecting company.
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