An Input Tax Credit (ITC) scam in Ahmedabad involving fake bills of Rs 400 crore busted and three industrialists remanded to judicial custody by a local court, revealed Directorate General of GST Intelligence(DGGI)
Issuance of fake invoices without supply of goods involving an amount of more than Rs 100 crore and fraudulent utilisation of ITC to the tunes of Rs 18-20 crore, was confirmed after a search was conducted at 14 business and factory premises of the suspected entities.
The misuse of total ITC in the racket would amount to more than Rs 70 crore, involving total fake bills worth Rs 400 crore if the offence committed by each of the entities is individually taken into account, in terms of legal provisions,
Mitesh Roshanlal Shah, proprietor of M/s Arihant Metal Co and Badal Shambhulal Shah, proprietor of M/s Rajat Metal Corporation and the final beneficiary, Mitesh Patel, director of M/s Nandeshwari Steel Limited, being the key persons involved; were arrested by the agency on the basis of incriminating evidence, produced before the court of the Additional Chief Metropolitan Magistrate in Ahmedabad on Friday
The three accused have confessed to having fraudulently issued the invoices. The court remanded them to judicial custody.
 scam in Ahmedabad involving fake bills of Rs 400 crore busted and three industrialists remanded to judicial custody by a local court, revealed Directorate General of GST Intelligence(DGGI)){kind=link}