Mumbai: CA Arrested In Thane For Generating Fake Input Tax Credit of Rs 92 Crore
After detailed interrogation and a confession by the accused chartered accountant that he had generated fake input tax credit, thereby violating the provisions of Section 132 of CGST Act, the officials arrested him under Section 69 of the CGST Act on December 14
Mumbai, December 16: In a major Anti-Evasion drive by the Central Goods and Services Tax (CGST) launched by Mumbai Zone, a chartered accountant was arrested by officials of the Thane (Rural) Commissionerate in Maharashtra on Tuesday for the alleged generation of fake input tax credit to the tune of Rs 92 crore. This reportedly involved fake invoices of more than Rs 500 crore without any actual receipt of goods.
According to a report in India Today, during the course of investigation, it was revealed that the fraudster had used the identity of a homemaker to create a firm called M/s. Shraddha Electrical located at Ambernath, Thane. The agency also found that a group of persons, including arrested chartered accountant were engaged in fake ITC generation racket and had passed on the same without any movement of goods. Online Fraud In Thane: IB Official Duped Of Rs 98,721 By Cyber Fraudester Posing As Nationalised Bank Employee; Case Registered
After detailed interrogation and a confession by the accused chartered accountant that he had generated fake input tax credit, thereby violating the provisions of Section 132 of CGST Act, the officials arrested him under Section 69 of the CGST Act on December 14.
The accused was produced before the Additional Chief Metropolitan Magistrate, Mumbai and the court has remanded him to judicial custody for 14 days. Online Fraud In Pune: Youngster Duped Of Rs 36,400 By Cyber Fraudsters Impersonating Indian Army Personnel
"This case of detection of fake ITC is a part of special Anti-Evasion drive launched by CGST, Mumbai Zone which involve intensive data mining and data analytics using various IT tools. The motive behind this drive is to help the honest and compliant taxpayers, to kill the unfair competition generated by the fake ITC, and thus help the honest and compliant taxpayers with the intent to mop up maximum revenue in the service of nation," a CGST officer said.
(The above story first appeared on LatestLY on Dec 16, 2021 04:11 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).