Sigma Group MD arrested for evading customs duty

Hyderabad: Sleuths of Directorate of Revenue Intelligence (DRI) today arrested the Managing Director of New York-based company — Sigma Resource Group — for allegedly evading customs duty.
The accused is Captain Venugopal Jambavath, a relative of the Executive Director of Flytech Aviation Academy, whose corporate office is located at Begumpet and airfield at Nadargul.
This academy provides commercial pilot training and Venugopal is also said to be heading it.
According to DRI officials, Venugopal was allegedly importing spurious and damaged aircraft spare parts for Flytech.
Venugopal was sourcing the spares from a junk yard in the USA and said to be over-invoicing Flytech for the same through his US-based company.
Further, Venugopal imported five LCD video display boards worth Rs 10 crore in 2006. However, he reportedly under-invoiced the same and showed them as worth only Rs 7 lakh.
Venugopal is also believed to have supplied helium balloons from United Kingdom to Flytech and under-invoiced the stock worth Rs 15 crore by declaring its value as only Rs 4 lakh.
Venugopal was remanded to judicial custody later in the day.
18/01/08 Siasat Daily

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Categories: Foreign Jan 2008, Indian Aviation- In General Jan 2008