Vadodara based Diamond Power Infrastructure Ltd. Managing Director Amit Bhatnagar was arrested on Monday by Central Excise department officials for alleged excise evasion worth Rs 40 crore roughly. Bhatnagar was produced in a city court by Vadodara region officials of Directorate General of Central Excise Intelligence (DGCEI). While Bhatnagar's bail plea was accepted, the department is likely to press for charges. If convicted, it could result in seven years imprisonment for Bhatnagar.
The company is engaged in the business of power cables.
