38.6c New Delhi, India, Wednesday, April 17, 2024
Crime, Police And Law

GST Fake Invoice Frauds: DGGI to Seek Action Against 3 Erring Chartered Accountants

By Parul Singhal      23 November, 2020 02:11 PM      0 Comments
GST Fake Invoice Frauds Chartered Accountants

The Directorate General of GST Intelligence will write to the institute of Chartered Accountants of India (ICAI) to take necessary action for professional misconduct against three Chartered Accountants who have been arrested in the GST fake invoice frauds, during the nationwide drive in last few days. 

According to the sources, on the eighth day of the drive against fake invoice fraud, five more GST Invoice fraudsters have been arrested, taking tally to 41, including a Chennai- based woman and three CAs. 

“DGGI Hyderabad zonal unit arrested Satyanarayana for his role in arranging and organizing fake invoices of fictitious firms for M/s CTIL ltd causing availment of fraudulent ITC of Rs 27.4 crore and CA sh Bondalapati Srinivasa Rao, for arranging and organizing fake invoices of fictitious firms for M/s Kineta Global Ltd resulting in fraudulent ITC of Rs 10.37 crore”, sources added. 

Ankur Garg was arrested by the CGST Commissionerate Ludhiana for his role in creating 3 fake firms, through which he availed of ITC benefits and fraudulently monetized ITC through refunds and bogus billing. 

By using e-way bill and analysis of data on the e-way bill portal, it could be established that these firms had a common set of ghost partners and bogus bills worth of Rs 158 crore had been generated, involving fake ITC of more than Rs 21 crore and monetization of fake ITC of more than Rs 5 crore through cash refund. 

Two arrests have been made in Gurugram while one each was made in Nagpur, Kolkata and Mumbai CGST Zones today. 

The mastermind behind this racket is Amit Kumar, who is absconding and efforts are being made to apprehend hom. At Hosur, during the court of premises verification, eight entities were found fictitious.  From the inquiry, it was found that the registrations were taken in the name various persons by one auditor who was paying some amount to the identity lenders on monthly basis.



Share this article:



Leave a feedback about this
TRENDING NEWS

baba-ramdev-acharya-balkrishna-offer-to-make-public-apology-in-sc-for-misleading-advertisements
Trending Judiciary
Baba Ramdev, Acharya Balkrishna offer to make public apology in SC for misleading advertisements

Baba Ramdev and Acharya Balkrishna offer public apology in SC for misleading ads, court deliberates acceptance.

16 April, 2024 01:57 PM
hymen-tear-or-genital-injuries-are-not-a-sine-qua-non-to-prove-penetrative-sexual-assault-in-pocso-case-rules-guwahati-hc
Trending Judiciary
Non-tear of the hymen is of no consequence in cases of penetrative sexual assault: Guwahati HC in POCSO case [Read Judgment]

Hymen tear or genital injuries are not a sine qua non to prove penetrative sexual assault, the Guwahati High Court has held in a case under the POCSO Act, 2012.

16 April, 2024 05:06 PM

TOP STORIES

sc-sets-aside-judgment-upholding-arbitral-award-against-dmrc
Trending Business
SC sets aside judgment upholding arbitral award against DMRC [Read Judgment]

Supreme Court overturns arbitral award favoring Reliance Infrastructure subsidiary against DMRC, citing grave miscarriage of justice.

11 April, 2024 11:43 AM
delhi-hc-rejects-third-plea-for-arvind-kejriwals-removal-as-delhi-cm-blasts-petitioner-for-abuse-of-judicial-process
Trending Political NEWS
Delhi HC rejects third plea for Arvind Kejriwal's removal as Delhi CM, blasts petitioner for abuse of judicial process [Read Judgment]

Delhi High Court dismisses the third PIL plea before it seeking Aam Aadmi Party leader Arvind Kejriwal’s removal as Chief Minister of Delhi, imposes Rs. 50,000 cost on petitioner.

11 April, 2024 03:29 PM
use-of-social-media-to-interfere-with-administration-of-justice-needs-serious-consideration-sc
Trending Judiciary
Use of social media to interfere with administration of justice needs serious consideration: SC [Read Judgment]

Supreme Court warns against social media misuse in legal matters, cautions against prejudicial posts interfering with justice.

11 April, 2024 05:44 PM
two-day-conference-on-april-on-technology-and-dialogue-between-sc-and-singapore
Trending Legal Insiders
Two-day conference on April 13-14 on Technology and Dialogue between SC and Singapore

Explore AI's role in law at the India-Singapore Supreme Court conference on technology, enhancing judicial processes and access to justice, April 13-14, 2024.

12 April, 2024 06:16 PM

ADVERTISEMENT


Join Group

Signup for Our Newsletter

Get Exclusive access to members only content by email