News

Input Tax Credits: Fake Companies Defraud ₹20 Crore, 2 Arrested in Pune

Fake companies were operated on paper by a group, including government contractors who obtained fraudulent input tax credits through fake invoices

Shivraj Sanas

Pune: The anti-evasion team of the Central Goods and Services Tax (CGST Pune-2) Commissionerate has uncovered a significant fraud involving fake companies issuing bogus invoices to pass illegal input tax credits.

This operation has revealed a massive ₹20 crore scam. Two key individuals from Pune, identified as the masterminds behind this scheme, have been arrested.

According to the CGST Commissionerate, these fake companies were operated on paper by a specific group, including government contractors who obtained fraudulent input tax credits through fake invoices without any actual supply of goods and services.

The fraud amounted to ₹20 crore in input tax credits, of which ₹3.25 crore has been recovered so far. Initial evidence from the investigation shows that this group, in collusion with government contractors involved in fake invoice transactions, used banking channels to carry out the fraud.

Enjoyed reading The Bridge Chronicle?
Your support motivates us to do better. Follow us on Facebook, Instagram, Twitter and Whatsapp to stay updated with the latest stories.
You can also read on the go with our Android and iOS mobile app.

Regional Finals of Sakal Karandak One-Act Play Competition Conclude

Maval: Tenant Abducts and Murders Bullock Cart Owner for ₹50 Lakh Ransom

Caregiver Threatens to Leak Senior Citizen’s Video, Demands ₹5 Lakh Extortion

Pune IT Engineer Loses ₹6.29 Crore in Sophisticated Digital Arrest Cyber Scam

Machete-Wielding Gang Wreaks Havoc in Wanawadi, Nine Vehicles Vandalized

SCROLL FOR NEXT