An Indian tax agency has found that British insurer Aviva breached local regulations capping commissions to sales agents with a system of fake invoices and clandestine cash payments, according to a notice seen by Reuters.
In an attempt to grow operations, Aviva’s India business paid about $26 million between 2017 and 2023 to entities who purportedly provided marketing and training services, according to the tax notice sent to Aviva, dated Aug. 3.
But the vendors, who did not perform any work, were actually a front for channeling funds to Aviva’s agents, said the Directorate General of GST Intelligence, which is responsible for policing v