FirstCry founder probed for alleged $50m tax evasion

 

Team Blitz India

NEW DELHI: The IT department is probing an alleged tax evasion by founder of Indian unicorn — FirstCry.com according to people familiar with the matter.

The IT department, has sent notices to founder Supam Maheshwari asking why he didn’t pay more than $50 million in taxes on equity transactions conducted in privately-held FirstCry..

At least six investors in FirstCry, including private equity firm ChrysCapital Management Co and Sunil Bharti Mittal’s family office, have also received enquiries.