Quick Summary
In a follow up operation connected with investigation of a case initiated in Bengaluru, the officers of Directorate General of GST Intelligence, Bengaluru Zonal Unit, carried out searches in over six premises in Delhi, and uncovered fraudulent invoices worth over Rs 266 crore, involving availment and passing on of fraudulent Input Tax Credit (ITC) of Rs 48 crore from the shell companies. The masterminds floated shell companies with no actual business activity, carried circular trading to inflat
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FAQ :
The total value of the fraudulent invoices uncovered is over Rs 266 crore.
The fraudulent availment and passing on of Input Tax Credit (ITC) amounted to Rs 48 crore.
Six shell companies were involved in the fraud.
The shell companies, lacking actual business activity, were used to create fake invoices, engage in circular trading to inflate turnover, and facilitate fraudulent ITC claims.
The investigation revealed that a Chartered Accountant (CA) or statutory auditor was initially the key mastermind, managing the transactions and even acting as a director in some of the shell companies.
The key mastermind of the case has been arrested.
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