The Directorate General of GST intelligence said in Chennai that it has busted a tax fraud of around Rs.440 Crore that led to utilisation of about 79 Crore without actual supply of goods. “Searches conducted at several premises revealed that most of them were found locked and admittedly no such activities were carried out there. In fact, one of the declared premises turned out to be a tea shop,” Principal Additional Director General, Chennai Zonal Unit of DGGSTI, K Anpazhakan said. It was revealed that bogus entities were floated in many layers so that it can create a complex network. The officials said that bank accounts were opened with the help of forged documents and it was also alleged that bank officials were involved into it. Investigation so far revealed that the conspiracy was hatched by three people, where one had the role of creating fictitious entities and issuing fake invoices without actual supply of goods. The third person was in charge of the entire day to day activities relating to the racket.
