During the course of a follow-up investigation, officers from the Directorate General of GST Intelligence (DGGI), Visakhapatnam, have seized cash worth ₹1.7 crore from the locker of a private bank in Guntur. The seized currency was in bundles of ₹2,000 denominations
The bank locker is related to an ongoing investigation against a bill trading mastermind who was earlier arrested for his involvement in running a massive fake invoice racket.
During the course of investigation, the mastermind was found to have been involved in floating close to 90 shell companies to generate fake invoices valued at ₹425 crore.
The total tax defraud in this racket is to the tune of ₹75 crore and ₹40 crore has already been recovered by the DGGI.
In addition to the cash, several incriminating documents were also seized. Further investigation is in progress.
Source: thehindu.com
Follow us for free tax updates : facebook Twitter
Subscribe our portal and get FREE Tax e-books , quality articles and updates on your e-mail.
Resolve your GST queries from national level experts on GST free of cost.
TW Editorial Team comprises of team of experienced Chartered Accountants and Advocates devoted to spread the knowledge of GST amongst the various stakeholders.
