Raju Verma of jewellery store Punjab Jewellers has been sentenced to two years imprisonment by the Chief Judicial Magistrate Vivek Dwivedi of Dehradun for hiding his Swiss Bank account from the IT department. Moreover, the court fined Rs 8 lakh on Verma for the same reason.

After collecting evidence regarding this malpractice, the IT department filed a complaint with the CJM court in Dehradun earlier this onth. Rs 92 lakh that was stashed away in his Swiss Bank account wasn’t disclosed to the IT department, the concerned prosecutor said.

Verma has been prosecuted under Section 276 C (1) (wilful attempts to evade any tax) and Section 277 (false statement in verification) of the Income Tax Act 1961. He is however out on bail and has appealed to a higher court.