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Fictitious transactions racket of Rs. 290.70 Crore busted by DGGI, Nagpur Arrest of Director of M/s M M Advisors Consultants Private Limited at Mumbai Recovery of Input Tax Credit of Rs. 25.22 Crore in Cash As a follow-up of the detection of a non-existent Advertising Firm in Dhule which had availed and passed on fake ITC, searches were conducted at the premises of a Mumbai based Private Limited CompanyM/s M M Advisors Consultants Private Limited and at the residences of its Director
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FAQ :
The fictitious Input Tax Credit (ITC) racket busted by DGGI, Nagpur, amounts to Rs 290.70 Crore.
M/s M & M Advisors & Consultants Private Limited, a Mumbai-based company registered for licensing services for broadcasting and showing movies, was involved.
Shri Pradeep Ashok Malankar, the Director of M/s M & M Advisors & Consultants Private Limited, has been arrested.
The entire Input Tax Credit of Rs 25,22,62,786/- (approximately Rs 25.22 Crore) passed on by the company has been recovered in cash.
The company was engaged in the licensing of movie rights from film production houses and transferring these rights to Rights Assignors, who then availed Input Tax Credit.
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