Gautam Singhania, Raymond CMD, Shells Out Rs 328 Crore to Resolve Car Import Case

Background

Gautam Singhania, the Chairman and Managing Director of Raymond Group, a leading textile and apparel company in India, has settled a case of alleged customs duty evasion filed by the Directorate of Revenue Intelligence (DRI) over the import of 142 cars by paying penalties amounting to Rs 328 crore. The case was initiated amid Singhania’s ongoing divorce dispute with his wife Nawaz Modi Singhania.

Details

Car Procurement

According to the DRI, Singhania was the “beneficial owner” of 142 cars, including 138 vintage ones and four research and development vehicles, that were procured by Raymond Group from renowned auction houses such as Sotheby’s, Barrett-Jackson and Bonhams. The cars were bought from various auction houses between 2018 and 2021 and were sent directly to India from the US and the UK.

Invoice Manipulation

However, the invoices submitted to Indian customs were raised in the names of intermediary companies registered in the UAE, Hong Kong and the US, such as Bentimi FZC, Almaskan Trading LLC, Truemax Ltd and Orchid HK Ltd. This was allegedly done to an evasion of customs duties amounting to Rs 229.72 crore.

Singhania’s Statement

Singhania, who is a passionate car collector and was planning to open a car museum at JK House in Mumbai, took full responsibility for the customs duty shortfall in his statement to DRI. He said that he would ask his team to check the details and price of any vintage car that he found suitable for display in the museum. The DRI investigation report claimed that Raymond Group intentionally presented manipulated invoices from intermediaries to customs, fully aware of the actual values of vintage cars. The investigation suggested that the group suppressed and misdeclared the true values in invoices to evade customs duties.

Settlement

The amount paid by Raymond Group unit JK Investors (Bombay) Ltd is inclusive of differential duty along with interest and penalty applicable at 15%, said the DRI closure report. The payment was made in January last year and the matter stands closed now. A Raymond Group spokesperson said that this was an old matter and was a case of erroneous calculation. A Raymond Group executive close to the matter said that it was not an attempt to route through a subsidiary to avoid taxes but a case of miscalculation.

Share:

MORE STORIES

## Navigating the AI Revolution: 5 Trending Google Ads Topics for Marketers As Google Ads continues its rapid evolution, staying ahead of the curve is paramount for digital marketers. The platform’s increasing reliance on artificial intelligence, shifting privacy landscapes, and the introduction of new campaign types are creating a fresh set of challenges and opportunities. Here are five top trending blog topics that delve into the most critical areas of Google Ads today. ### 1. The Rise of the Machines: Mastering AI-Powered Campaign Types Google is unequivocally betting on AI to drive the future of its advertising platform. A key area of focus for marketers is understanding and mastering AI-driven campaign types like Performance Max and Demand Gen. These campaigns automate targeting, bidding, and ad creation across Google’s entire inventory. A deep dive into strategies for providing the right inputs to these “black box” models, interpreting their performance, and understanding how to guide the AI for optimal results is a crucial topic for advertisers looking to succeed in this new era. ### 2. Beyond the Click: Navigating the New Landscape of Measurement and Attribution With the impending deprecation of third-party cookies and a growing emphasis on user privacy, the way advertisers measure success is undergoing a fundamental shift. This has propelled topics like enhanced conversions, consent mode, and the integration of first-party data to the forefront. Marketers are actively seeking guidance on how to implement these privacy-centric measurement solutions to gain a more accurate and holistic view of their campaign performance in a world without granular user tracking. ### 3. Creative is the New Targeting: Leveraging AI for Compelling Ad Experiences In an automated world, the creative has become a key differentiator. Google is investing heavily in AI-powered tools that can generate and optimize ad copy, images, and videos. Blog posts that explore how to effectively use these generative AI features to create a high volume of diverse and engaging ad creatives are gaining significant traction. This includes best practices for providing creative inputs, A/B testing AI-generated assets, and ensuring brand consistency across automated campaigns. ### 4. The Evolution of Search: Adapting to a More Conversational and Visual SERP The traditional keyword-based search is evolving. Users are increasingly employing longer, more conversational queries, and Google is responding with a more visual and AI-driven search engine results page (SERP). This shift requires a re-evaluation of traditional keyword research and bidding strategies. Trending discussions revolve around how to adapt to this new reality, including the role of broad match keywords, the importance of high-quality creative in visual search formats, and strategies for capturing intent in a more conversational search landscape. ### 5. Future-Proofing Your Strategy: The Growing Importance of a Full-Funnel Approach As automation takes over many of the manual levers within Google Ads, the focus is shifting towards a more strategic, full-funnel marketing approach. Advertisers are looking for insights on how to effectively use different Google Ads campaign types to guide users through the entire customer journey, from initial awareness to final conversion and retention. This includes discussions on how to structure campaigns to complement each other, allocate budgets across the funnel, and measure the impact of upper-funnel activities on bottom-line results.

Google Ads is in the midst of a quiet revolution—one driven by artificial intelligence, privacy-first regulations, and a rapidly changing search landscape. For digital marketers,

Send Us A Message