Fake GST invoice scam; 215 people arrested, ₹700 cr recovered
By MYBRANDBOOK
The Directorate General of GST Intelligence (DGGI) has recovered more than ₹700 crore from the arrested 215 people and in the last two months. The individuals who have been arrested for GST fake invoice frauds and are fly-by-night operators who fraudulently avail, pass on and utilize input tax credit (ITC) in multi-layered scams. The GST intelligence authorities have also registered over 2,200 cases and have unearthed more than 6,600 fake GSTIN entities. “Out of the 215 arrests so far there are 71 masterminds, 81 proprietors, 36 director/managing directors, 15 partners, 3 CEOs, 6 chartered accountants and one each of company secretary, broker, and GST practitioner,” the statement said.
The recent usage of data analytics, data-sharing and AI along with BAFTA tools has helped the agency to detect fraudsters with precise inputs. The DGGI in its statement also said that the arrested include several managing directors and proprietors and partners of various business entities, according to the DGGI.
“Those arrested include managing directors, directors, proprietors and partners of various business and trade entities who are either involved in availing and/or utilizing the ineligible ITC fraudulently,” the statement further added. DGGI said that 17 people were arrested for fake invoice frauds. It said that most of the arrests were made from the Mumbai zone. It said that in the last two months 23 people were arrested from Mumbai. The officials also booked 14 people from Ahmedabad of which 8 had availed input tax credit of more than ₹113 crore through fake invoices in garments, copper waste scrap, medicines, ferrous waste and scrap, cement and coal.
A man in Delhi was charged for setting up more than 12 bogus farms. The man also availed input tax credit to the tune of Rs. 150 crore. Several other such fraudsters were arrested from Bengaluru, Bhubaneswar and Chennai. The DGGI said that it will continue investigations in all of these cases.
BREAKING NEWS
TECHNO TRENDS
Happiest Minds brings in an innovative GenAI chatbot
Happiest Minds Technologies has announced the new GenAI chatbot - ‘hAPPI...
Government mandates encryption for CCTV cameras to ensure netw
In the wake of issuing an internal advisory on securing CCTV cameras at g...
TRAI recommends allowing only Indian entities to participate i
The Telecom Regulatory Authority of India (TRAI) has recommended that onl...
Galaxy AI is available on more devices with Samsung One UI 6.1
Samsung has expanded the range of smartphones to which One UI 6.1 and Gala...
E-Magazine
TECHNOTAINMENT
Disney+ Hotstar wins the Best OTT Platform of the year
Film Critics Guild and Group M Motion Entertainment, in collaboration with
Miss World 2024: Krystyna Pyszková of the Czech Republic wins
Krystyna Pyszková of the Czech Republic has been crowned as the 71st Miss
MOVERS & SHAKERS
Brillio appoints Ashish Singh to its Board of Directors
Brillio has announced that Ashish Singh has been appointed to the company
JSW One Platforms ropes in Dr Ranjan Pai as Independent Direct
JSW One Platforms, part of US$23 billion JSW Group has appointed Dr Ranjan
OPEN YOUR EYES
INTERVIEWS
Acuutech continues to focus on innovation, customer focus and
Acuutech with its strong partnership with Lenovo and Microsoft forayed into
HPE’s transformation into an edge-to-cloud company is its un
Hewlett Packard Enterprise (HPE) is driving towards one customer experience
HOT PICK
HP launches first laptop in India with Microsoft CoPilot butto
HP has launched sleek and stylish Envy x360 14 laptops in India which beco
OnePlus debut its Nord CE4 smartphone
OnePlus Nord CE4 continues the trend of attention-grabbing design with two
MAKE IN INDIA BRANDS
STERLITE TECHNOLOGIES LTD.
INFOSYS TECHNOLOGIES PVT. LTD.
GLOBUS INFOCOM LTD.
NUMERIC INDIA, A Group Brand Legrand
EMINENT CIO'S OF INDIA
ICONS OF INDIA
Technology Icons Of India 2023: Rajiv Memani
As Chair of the EY Global Emerging Markets Committee, Rajiv connects e...
Technology Icons Of India 2023: Deepinder Goyal
Deepinder Goyal is the Founder and CEO of Zomato. Deepinder, or Deepi,...
Technology Icons Of India 2023: Natarajan Chandrasekaran
Natarajan Chandrasekaran is the Chairman of the Board of Tata Sons, th...
PARTNER SPEAKERS
PSU
New defence PSUs will help India become self-reliant
MIL, India’s biggest manufacturer and market leader is engaged in Pr...
GSTN aims to integrate indirect tax ecosystem on a shared IT infrastructure
Goods and Services Tax Network (GSTN) has built Indirect Taxation plat...
C-DOT enabling India in indigenous design, development and production of telecom technologies
An autonomous telecom R&D centre of Government of India, Center of Dev...
VIDEOS
Top 25 Brands
Value-Added Distribution
IRIS GLOBAL SERVICES PVT. LTD.
Iris Global services is one of the leading distribution houses that d...
TEXONIC INSTRUMENTS
Texonic has carved a niche for itself in the Technology Distribution i...
FORTUNE MARKETING PVT. LTD.
Delhi based Fortune Marketing, An ISO 9001:2008 company, distributes ...
ITFORUM 2024
WIITF 2024
CMO of the Year
WOMEN LEADERSHIP
EMINENT CIO's OF INDIA
TRENDS IN TECHNOLOGY
MORE VIDEOS
ADVERTISEMENTS
TECHNOLOGY DISRUPTION
UNICORNS REVOLUTIONISING
