VISAKHAPATNAM: The officials of the Directorate General of GST Intelligence (DGGI), Visakhapatnam Zonal Unit arrested the mastermind generating fake invoices involving Rs. 293 crore. Officers of DGGI apprehended a 30-year-old resident of Proddaturu in Kadapa District. The accused along with three other individuals had floated 19 fake entities which were unearthed to date.
According to the Additional Director of DGGI Yenneti Bhaskara Rao, the accused person involved with three others floated these fake entities predominantly in Kadapa, Kurnool, Bengaluru, and Hyderabad.
He added that these entities or firms were created at different levels and across different states to camouflage the fraudulent transaction and used to run a complex network. They generated fake invoices to the tune of 293 crore involving passing on fake ITC to many functional companies or firms to the tune of 30 crore approximately, enabling them to fraudulently utilize the same and evade payment of taxes which resulted in a huge dent to the government exchequer.
He further said that the bill trading mastermind was arrested under section 69 of the CGST Act of 2017 and was produced before the Special Judge Economic Offences Court in the port city. The court remanded the accused to 10 days judicial custody and investigation is in progress.
According to the Additional Director of DGGI Yenneti Bhaskara Rao, the accused person involved with three others floated these fake entities predominantly in Kadapa, Kurnool, Bengaluru, and Hyderabad.
He added that these entities or firms were created at different levels and across different states to camouflage the fraudulent transaction and used to run a complex network. They generated fake invoices to the tune of 293 crore involving passing on fake ITC to many functional companies or firms to the tune of 30 crore approximately, enabling them to fraudulently utilize the same and evade payment of taxes which resulted in a huge dent to the government exchequer.
He further said that the bill trading mastermind was arrested under section 69 of the CGST Act of 2017 and was produced before the Special Judge Economic Offences Court in the port city. The court remanded the accused to 10 days judicial custody and investigation is in progress.
