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GST Fraud of ₹69 crores caught in Hyderabad

Chartered Accountant (CA) from Hyderabad who is the director of a private limited company, was arrested by Directorate General of GST Intelligence (DGGI). He is charged for issuing fake invoices worth ₹69 crores. He will remain in judicial custody till February 19, 2020 .

The said fraud include ITC (Input Tax Credit) in respect of some infrastructure companies. The DGGI has provisionally attached 3 bank accounts of the firm and started an investigation of the accused. Investigation is being conducted now over 12 premises in & around Hyderabad. Several documents with respect to incriminating documents, copies of fake invoices issued on letterheads of firms that existed merely on paper, were seized. The accused CA is also the key operator in the suspicion firms.

One of the officials said “In one of the entities controlled by him, he has issued fake invoices of a value of ₹69 crores and attempted to pass on irregular and illegal input tax credit(ITC) of ₹12.41 crores. These fake invoices have enabled the recipient companies to utilize the same to offset their GST liability that they would have otherwise discharged in cash“.

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