Supam Maheshwari, the founder of FirstCry, is being investigated for allegedly evading taxes by 410 crore, according to reports
Supam Maheshwari, the founder of FirstCry, is allegedly the subject of an investigation by the tax department into an alleged $50 million (approximately 410 crore) tax evasion. According to the allegations, at least six FirstCry investors have also been contacted about the situation. According to additional sources, Maheshwari is in discussions with the tax agency to end the investigation.
They said that at least six FirstCry investors, including the family office of Sunil Bharti Mittal and the private equity firm ChrysCapital Management Co, had also received inquiries about the situation.
According to the people, Maheshwari is in discussions with the tax authority to end the investigation.
Emails requesting comments about the investigation from Maheshwari, ChrysCapital, the tax authority, and Mittal received no response.