FirstCry founder under IT scanner over alleged $50mn tax evasion
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Supam Maheshwari, founder of FirstCry, Globalbees Brands, and Xpressbees, is facing an investigation by the Income Tax Department of India for allegedly evading over $50 million in taxes. According to Bloomberg, the probe focuses on equity transactions within the privately held FirstCry. At least six investors apart from Maheshwari, including ChrysCapital Management and Sunil Bharti Mittal's family office, have also received inquiries regarding their involvement in these transactions.