New Delhi, Oct. 15: Industrialist Anil Nanda, the younger scion of the Escorts family, has been arrested on the charge of not declaring the full value of foreign goods, including a diamond-studded watch, to avoid paying customs duty.
Anil Nanda, 52, the chairman and managing director of Goetze India Ltd, was detained on Wednesday night at Indira Gandhi International Airport here after he put the value of the goods at Rs 5,000, which were later found to be worth Rs 54 lakh.
The younger son of Escorts founder H.P. Nanda was formally arrested late last night after interrogation by officials of the Directorate of Revenue Intelligence and customs officers. Anil Nanda was returning from London on a British Airways flight when he was stopped at customs.
He was produced today before additional chief metropolitan magistrate Ravinder Dudeja, who remanded him in judicial custody till October 29. But his bail application will be taken up tomorrow. His office here confined its comments to saying that he had not yet returned to the premises.
When Nanda senior stepped down as managing director of the group, Rajan Nanda took over its chairmanship while Anil Nanda was given charge of Goetze India Ltd.
Goetze is an auto-ancillary company with joint ventures with Mahle of Germany for pistons, Yamaha of Japan for motorbikes and Nanz of Germany for supermarkets. Anil Nanda had recently entered the fashion and garments business with the opening of Goetze's leather garment division.
The Nandas have family ties with Bollywood's Kapoors and Bachchans. Anil Nanda is a bachelor, but Rajan Nanda is married to Raj Kapoor's daughter Ritu. Rajan and Ritu's son Nikhil took the Bollywood connection a step further when he married Shweta, daughter of Amitabh Bachchan.
Last February, Anil Nanda stepped down as Escorts managing director after differences emerged within the family over the sell-off of Escorts Heart Institute and Research Centre. Anil Nanda felt that the centre should have remained committed to social welfare.