Home India Hyderabad DGGI arrests Hyderabad infra firm director for fake invoices

DGGI arrests Hyderabad infra firm director for fake invoices

Hyderabad(Hyd), September 24 : The Directorate Gen. of GST Intelligence (DGGI) has detained the director of a Hyderabad(Hyd)-based infra-structure company for issuing fraud bills value INR 139.93 cr.

As per DGGI Hyderabad(Hyd) zone authorities, the charged wrongfully availed & utilised Input Tax Credits (ITCs) to the tune of INR 19.seven cr.

The charged has been produced before a court, that sent him to judicial custody until Oct 6.

The charged reportedly released fraud bills without the delivery of goods & solutions.

The firm, that is into commercial real estate, IT/ITES solutions & infra-structure, also availed & utilised ITCs to an extent of INR 14.nine cr on bills value INR 98.48 cr without getting any goods (or) solutions in violation of the provisions of the Central Goods & Solutions Tax Act, 2017.

Acting on a tip-off, the investigators of DGGI held searches in multiple places in Pune, Mumbai (Bombay), Chennai, Kurnool & Hyderabad(Hyd) & sensed the malfunctions.

Searches have been held in 4 various places in Hyderabad(Hyd), throughout that authorities recovered multiple criminalizing documents, involving fraud transportation documents linked to bills, that were fabricated to falsely depict movement, supply & receipt of goods, also without the provision of a warehouse, with an aim to defraud the govt exchequer.

The firm has also indulged in circuitous trading of bills involving entities across India(In) in order to boost the turnover & enhance their own Letter of Credit & Overdraft limits, to qualify as bidder for main infra-structure projects.

The agency detected 2 bank accounts linked to the firm & provisionally attached them, pending inquiry.

The company’s transactions in different states are also within the radar of the DGGI. The authorities questioned key personnel of the firm & reported their own voluntary depositions.

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Shaun Eaton
Shaun is another promising contributor catering his expertise to the website. With past experience as a lawyer, Shaun adds his well-researched news pieces from the Law & Order and Bahrain news.

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