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.
