Quick Summary
Central Goods and Services Tax, Mumbai West, Investigation team has announced the arrest of Mr. Chandraprakash Pandey, Partner of M/s. C.P. Pandey Associates. He was arrested on account of indulging in circular trading by way of issuing fake invoices, availing and passing on fraudulent Input Tax Credit (ITC) involving GST of Rs 10.63 Crores (approx.) on turnover of Rs. 59.10 crores (approx.) On the basis of specific intelligence gathered by the GST Officials of Investigation Wing, Mumbai Wes
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FAQ :
Chandraprakash Pandey, a chartered accountant and partner at M/s. C.P. Pandey & Associates, was arrested.
He is accused of engaging in circular trading by issuing fake invoices and fraudulently availing and passing on Input Tax Credit (ITC).
The fraudulent Input Tax Credit (ITC) involved GST of approximately £10.63 crore.
Mr. Pandey allegedly created companies in his family members' names that issued invoices without actual supply of goods or services, enabling others to claim inadmissible ITC.
Preliminary investigations suggest a network of around 50 firms, registered at the same premises, were involved in the fraudulent circular trading activity.
Mr. Pandey was arrested on 10th December 2020 and remanded to judicial custody for 14 days after being produced before the Magistrate Court, Mumbai on 11th December 2020.
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