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Amount in fake invoice fraud crosses Rs 3,000 crore - GST Station

Amount in fake invoice fraud crosses Rs 3,000 crore

Amount in fake invoice fraud crosses Rs 3,000 crore

    HYDERABAD: Infrastructure companies involved in major irrigation projects in AP and Telangana that were found to be the ultimate beneficiaries in the GST fraud are yet to be booked by the Directorate General of GST Intelligence (DGGI) and Hyderabad GST Commissionerate’s anti-evasion wing.

    With eight cases reported of fraud invoices in two months, the scam amount has crossed Rs 3,000 crore.

    JS Sridhar Reddy, director of Bharani Commodities Private Limited, was arrested after an investigation found that eight companies issued fake invoices worth Rs 1,284 crore. Vizag DGGI sleuths arrested Vennapusa Venkata Subba Reddy, who floated 70 shell firms and issued fake invoices worth around Rs 400 crore. Raveendra Sangepu, chief financial officer of Hero Wiretex, was arrested for issuing fake invoices worth Rs 200 crore without supplying goods. DGGI Hyderabad also arrested Rajesh Gandhi, a shareholder of Flora Corporation Limited, for issuing invoices worth Rs 35 crore. Medchal Central GST Commissionerate sleuths arrested H Karthi Chakravarthi, managing partner of Laxmi Ganesh Enterprises, for obtaining ineligible input tax credit of Rs 25 crore. DGGI Hyderabad unearthed fake invoices fraud worth Rs 680 crore and arrested two city businessmen.

    Source- Times of India.