Delhi-based businessman arrested for Rs 128 cr GST-related fraud

Vehicles shown for transporting the goods found to be operating in some other parts of the country

Delhi-based businessman arrested for Rs 128 cr GST-related fraud

Photo for representation. — iStock

Chandigarh, July 25

A Delhi-based businessman here has been arrested for an alleged Rs 128 crore GST-related fraud, a senior official said on Sunday.

Investigations conducted by the officials of the Chandigarh zonal unit of the Directorate General of GST (Goods and Services Tax) Intelligence (DGGI) revealed that the accused was allegedly involved in issuing invoices without actually procuring goods and thus passing on input tax credit (ITC) to various beneficiaries at several places, including Delhi and Chandigarh.

ITC means that a businessman can reduce taxes already paid on the input while paying tax on the output.

The accused had set up six firms with an intention of passing on the fake ITC to multiple beneficiaries, the official of the Chandigarh zonal unit of the DGGI said.

He said the accused had passed on fraudulent ITC worth Rs 128 crore.

The GST officials also conducted searches at the business premises and residential places of the accused in Delhi and Himachal Pradesh, he said.

Raids were also carried out at the premises of some of the suppliers, the official added.

Investigation further revealed that the items, which were shown as sales, were never bought and similarly some items, which were shown as purchases, were never sold by the firms.

The vehicles, which were shown for transporting the goods, were found to be operating in some other parts of the country.

The accused was into the business of readymade garments, chemicals, cigarettes, among other things. PTI

Tribune Shorts

Top Stories

'I am aam aadmi..this is aam aadmi sarkar': Punjab CM Charanjit Channi's swipe at AAP

'I am aam aadmi..this is aam aadmi sarkar': Punjab CM Charanjit Channi's swipe at AAP

Recounts his humble beginnings, says his father used to fix ...

Channi, Sidhu both will be faces of Congress in Punjab polls, says party

Channi, Sidhu both will be faces of Congress in Punjab polls, says party

Party seeks to control the damage done by AICC general secre...

‘Elections in Punjab to be fought under Navjot Sidhu...baffling', Sunil Jakhar on Rawat's statement

‘Elections in Punjab to be fought under Navjot Sidhu...baffling', Sunil Jakhar on Rawat's statement

Rawat defends PCC chief saying 'he is very popular', BJP say...

Punjab likely to get new DGP

Punjab likely to get new DGP

Sahota, Chattopadhyaya front runners

Biden to host Modi for bilateral meeting at White House on Sept 24

Biden to host Modi for bilateral meeting at White House on Sept 24

Later in the day, Biden will host the first-ever in-person Q...

Cities

View All