Hyderabad: CA held for issuing fake GST invoices worth Rs 69 crore

    Officers said leads suggest the beneficiaries of the ITC fraud include some leading infrastructure companies in the country.

    A Hyderabad-based Chartered Accountant (CA), the director of a private limited company, was arrested by Directorate General of GST Intelligence (DGGI) Thursday on charges of issuing fake invoices worth Rs 69 crore. He was remanded in judicial custody till February 19.

    Officers said leads suggest the beneficiaries of the ITC fraud include some leading infrastructure companies in the country, but refused to reveal anything further as investigations are in progress.

    The DGGI has provisionally attached three bank accounts of the firm and started a probe into the transactions of the accused in Andhra Pradesh, Madhya Pradesh, Maharashtra, and Odisha.

    According to officials, simultaneous searches were held at over 12 premises on January 22, and February 4, in and around Hyderabad, which led to the bust of modules involved in issuing fake invoices. Incriminating documents, including copies of fake invoices issued on letterheads of firms that existed merely on paper, were seized.

    Officers said the GST invoices were routed and circulated through a complex web of companies without being backed by the supply of goods or services.

    The accused CA, who, according to the investigators, is also the key operator in these firms, organised paper invoices for works, contract services and LED electrical equipment.

    “In one of the entities controlled by him, he has issued fake invoices of a value of Rs 69 crore and attempted to pass on irregular and illegal input tax credit (ITC) of Rs 12.41 crore. 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,” read an official statement.

    Further, the investigators have found out that the accused indulged in circular trading to boost the turnover officially.

    Source- Indian Express.

The post Hyderabad: CA held for issuing fake GST invoices worth Rs 69 crore appeared first on GST Station.



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