Local businessman failed to report over $3.6M in sales, charged with tax evasion

DORCHESTER, S.C. (WCBD) – The SC Department of Revenue (SCDOR) on Wednesday arrested Amit Jagadish Madan (38) of Summerville on 15 counts of tax evasion.

Madan is the owner of Palmetto Spirits in North Charleston and Sunshine Food Stores in Charleston and Dorchester.

According to arrest warrants, Madan failed to report $3,620,649 of sales between 2014 and 2019. Consequently, he “evaded approximately $294,938 of Sales Tax due to the state.”

If convicted on all counts, Madan could face up to 75 years in prison and/or a $150,000 fine.

Amat was given a $100,000 bond by the Charleston County Detention Center. He is being held at the Dorchester County Detention center awaiting bond.