The VAT Intelligence has uncovered a VAT evasion of about TK 35.18 crore by Delta Life Insurance.

A case was filed against the insurance company under the VAT Act today on the allegation of VAT evasion, the VAT Intelligence said in a statement.

On specific allegations of VAT evasion, a team led by Saima Parveen, assistant director of VAT Audit, Intelligence and Investigation Directorate, investigated the insurance company's financial transactions from January 2013 to December 2017.

After investigation, the team prepared a report by verifying the landscape of data obtained from copies of treasury invoices and other documents submitted by the institution at different times, it said.

During the period, the intelligence team found that the company evaded VAT of Tk 16,24,27,905 and with Tk 18,92,62,828 interest, the total amount of the unpaid VAT stands at Tk 35,16,90,733, the statement reads.

The investigation team further found that the company had resorted to various forms of fraud and deception to evade the VAT, which is a punishable offence under the VAT Act, it said adding that a case has been filed in this regard today.