In a breakthrough, the Directorate General of GST Intelligence (DGGI), Visakhapatnam zonal unit, has apprehended the alleged mastermind behind a colossal invoicing scam amounting to a staggering 293 crore. The accused, identified as a 30-year-old resident of Poddatur in YSR Kadapa district, operated in collusion with three accomplices, orchestrating a sophisticated network of deceit.
The elaborate scheme involved establishing 19 fictitious entities across Kadapa, Kurnool, Bengaluru, and Hyderabad. These strategically placed entities were meticulously designed to obfuscate the trail of transactions and deceive the authorities.
Operating as a syndicate, the group carried out a complex modus operandi, generating counterfeit invoices and facilitating fraudulent input tax credit (ITC) valued at approximately 30 crores. This deceitful maneuver enabled several operational companies to exploit these illicit funds, effectively evading their tax liabilities and causing a substantial dent in the government exchequer.
The accused has been booked under Section 69 of the CGST Act 2017, marking a significant step in cracking down on such fraudulent activities. Following his apprehension, the DGGI presented the individual before the Special Judge Economic Offences Court in Visakhapatnam. Subsequently, the accused has been remanded to judicial custody for 10 days.
This remarkable success in dismantling the intricate web of fraudulent operations reflects the diligent efforts of the DGGI in curbing financial malpractices that undermine the country’s tax system. The authorities remain steadfast in their commitment to upholding the integrity of the taxation framework, sending a stern message against fraudulent activities, and ensuring that those responsible are brought to justice.
The arrest of the alleged mastermind signifies a significant stride in the ongoing battle against financial irregularities. It underscores the imperative need for continuous vigilance and stringent measures to safeguard the nation’s fiscal interests.