Quick Summary
The Maharashtra State Tax Department, Thane Zone, has arrested a Mira Road resident, Srikanth Vaidyanath, for his alleged involvement in a massive fake GST Input Tax Credit (ITC) racket worth Rs 8.43 crore. Officials said the accused generated and passed on fraudulent tax credits through a non-existent firm, M/s Srikanth Enterprises. The arrest was carried out by the State Tax Investigation Branch, Bhayandar, following a detailed probe into suspicious GST activities. Shell Firm Exposed in Mira
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FAQ :
Srikanth Vaidyanath, a resident of Mira Road, was arrested by the Maharashtra State Tax Department.
The alleged fake GST Input Tax Credit (ITC) fraud is valued at £8.43 crore.
The fake company used in the fraud was M/s Srikanth Enterprises.
Srikanth Vaidyanath allegedly generated and passed on fraudulent tax credits through bogus invoices and electronic entries, without any actual movement of goods.
Tax officers found that the premises lacked any signs of commercial activity, business records, stock registers, invoices, or ledger books, indicating it was a shell firm.
No, the investigation is ongoing to identify other beneficiaries, trace additional shell entities, and uncover the full extent of the fraudulent operations.
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