Kanpur: Stock firm had peon as director, ran multi-crore business
Four employees of a private bank in Kanpur registered a company - Shivam Commodities - in the name of an office peon and ran a multi-crore stock and brokerage business for more than six years without paying income tax. The scam was busted when the peon, who earned a paltry salary of Rs 7,000/month received a Rs 7-crore fine and recovery notice from income-tax department.