Bizman held for Rs 5.5 crore tax evasion

A businessman and his associate were arrested by the Central Excise Intelligence Bureau officials for allegedly evading tax to the tune of Rs 5.5 crore,official sources said.

Ramanand Agarwal,the owner of Devi Iron and Power Limited,and his employee B K Goswami were arrested for tax-evasion of Rs 5.5 crore,they said.

According to the sources,Aggarwal had not revealed the production of 32,000 tonne goods manufactured by his company.

After his arrest,Aggarwal fell ill following which he has been admitted to a hospital.