GST fraud: ED claims MNCs benefitted from fake ITC worth crores
New Delhi, September 12 (PTI) Executive Directorate (ED) said in a statement on Friday, a multi-multicultural Pan-India’s fraudulent input tax loan (ITC) fraud “Great MNCs” found that this illegal transactions said.
The Federal Probe Agency’s Itgar (Arunachal Pradesh) office made searches in this case on Thursday and covered about 10 buildings in the Northeast province, except Delhi, Harena, Tamil Nadu and Tahangana.
Authorized, raids, in accordance with the prevention of the law of money laundering (PMLA) after the registration of a case was made in connection with a very Crore Fake ITC fraud.
It is a legal mechanism that enables commercial institutions to reduce the tax liabilities by requesting GST loans paid for the purchases related to enterprise in the goods and services tax system.
The case said that Assam was caused by a complaint against a company called Amit Traders in Guwahati.
The company claimed that the declared address had “non -existent”.
The Probe found that the firm was “fraudulent” purchases, “fake” passing through ITC, and that it was connected to another company called Shree Ram Enterprises and benefited from the “fake” ITC about it. La116 Crore on almost fake invoices LaAccording to ED, 700 Crore.
“Calls, freezing of bank balances, seizing immovable property documents and rescue accusing records, false invoices, false e-road bills and layer fund transfers through the systematic abuse of the GST frame has led to the systematic abuse.
“The primary investigation reveals that the fake ITC has passed to the great MNCs where a detailed investigation continues.” He said.
During the searches, “important” frauds were claimed.
In Arunachal Pradesh, Rainbow Enterprises and Ak Enterprises’ property owners, “confessed to benefit from the fake ITC,” he said. La2 crore without any actual supply or property movement.
Another asset, Tanor Engineering, found that the “fraudulent” fake ITC has obtained “fraudulent”. La4 Crore.
In Haydarabad, a company called Vinardh Automobiles confessed to reflecting a “fake” turnover ” LaIn the years 2022-23 and 2023-24 in the financial years, 110 CRORE, “Production” of vehicle production and sales records via fake invoices, and fraudulent, supporters, suppliers and professional facilitators shared with fake e-yol invoices and “backfire”.
In Haryana, according to ED, Jai Shree Balaji traders and Jai Shree Balaji Trading Co. Two companies named “dream” turnover La87 CRORE AND La“Leadership” to multinational companies, emphasizing the “abuse” scale of 62 Crore and fraudulent ITC, respectively.
In Delhi, Prisha Exim confessed to a reported turnover. LaThe agency, 200 Crore in recent years, claimed that he has little information about the transactions on behalf of the “puppet” assets showed the use of assets.
