Biz man nabbed for Rs. 9.3 cr GST fraud
The sleuths of CGST at New Mumbai have arrested a businessman for his alleged involvement in the fraud related to input tax credit (ITC) to the tune of Rs 9.3 crore.
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Mumbai: The sleuths of CGST at New Mumbai have arrested a businessman for his alleged involvement in the fraud related to input tax credit (ITC) to the tune of Rs 9.3 crore. Both, the CMD and the CFO of the company have been sent to jail for 14 days for their act.
On the basis of intelligence, a case was registered against One Point One Solutions, which is into information technology and IT enabled services. On examination of records of the company, it was observed that the company has availed ineligible input tax credit (ITC) on the strength of invoices raised by fictitious companies whose directors were arrested in another case involving issuing of fake invoices without supply of goods and services. This was informed by Manpreet Arora, commissioner CGST & central excise, Belapur (New Mumbai) to Bizz Buzz.
The Chairman cum Managing Director and the Chief Financial Officer of the company have been arrested on February 16 u/s 69 (I) of the CGST Act, 2017 for an offence committed under subsection (I) , clauses (a), (b) & (c) of Section 132 of the Act which is a cognizable and non -bailable offence u/s 132 (5) of the act. The JMFC, Vashi (New Mumbai) vide order dated February 17 have granted judicial custody of 14 days to both the accused, she added. The commissioner informed that a sum of Rs 1.36 crore has already been recovered from the accused so far.
