Infy fined $800K for worker misclassification, tax fraud

California Attorney General Xavier Becerra said from Sacramento that Infosys would pay the western state $800,000 to resolve the charges that the Indian IT firm and its subsidiary (Infosys BPM Ltd) had employed about 500 techies in California on B-1 visas rather than H-1B visas between 2006 and 2017.

"This misclassification resulted in Infosys avoiding California payroll taxes such as unemployment insurance, disability insurance and employment training taxes. H1B visas also require employers to pay workers at the local prevailing wage," said Becerra in a statement sourced by IANS here.

The settlement will result in the case being dismissed with prejudice and was reached to avoid time, expense and distraction of protracted litigation on the charges against the city-based IT behemoth.

"We dispute the allegations and admit to no wrong-doing in the case," asserted the $11billion outsourcing firm.

MUMBAI: After a gap of seven years, Reliance Industries Limited (RIL) has once again emerged as the biggest wealth creator over 2014-19 with the highest ever figures of Rs 5.6 lakh crore.

According to the Motilal Oswal 24th Annual Wealth Creation Study 2019, RIL, Indiabulls Ventures and IndusInd Bank are the biggest, fastest and most consistent wealth creators, respectively, between 2014 and 2019.

The Rs 5.6 lakh crore wealth created by Reliance is the highest ever so far by a huge margin.

One of the big findings of the survey is that stateowned companies have become marginalised in wealth creation with their share collapsing from 51% in 2005 to 6% in 2019.The financials sector is the largest wealth creating sector between 2014 and 2019.

Indiabulls Ventures has emerged as the fastest wealth creator over 2014-19 with stock returns at a whopping 78% CAGR.

Bajaj Finance has earned the unique distinction of being in the top 10 biggest as well as fastest wealth creators.