He allegedly issued fake GST invoices for ₹30 croreThe Directorate General of GST Intelligence (DGGI), Visakhapatnam Zonal unit has busted a major input tax credit (ITC) racket being operated by a 28-year-old Chartered Accountant based at Guntur. The CA was involved in issuing fake GST invoices to the tune of ₹30 crore, fraudulently using 14 GST registered firms, to various infra companies located in Andhra Pradesh and Telangana. He was getting commission from the recipient entities of such fake invoices without the knowledge of the proprietors of those businesses. Various firms, mostly created with fictitious addresses in and around Guntur, were identified and simultaneous searches carried out at several locations in Andhra Pradesh. These searches revealed that the Chartered Accountant, the mastermind behind the creation of these firms, had passed on fake credit of ₹7.5 crore (approx.)

Source: The Hindu December 05, 2020 18:33 UTC