Hey there, folks! Big news coming out of Pune today – the Directorate General of GST Intelligence (DGGI) has busted a huge fake Input Tax Credit (ITC) scam worth a whopping Rs. 561.58 crore. Can you believe it?
So, here’s the scoop: the mastermind behind this massive scam is none other than Mohammed Riyaz Uddin from Hyderabad, Telangana. The DGGI officials got wind of the fraudulent activities of M/s N.L. Traders, a Pune-based company, and uncovered their scheme to falsely claim ITC from firms that didn’t even exist. Sneaky, huh?
Further investigation led the authorities to M/s H.B. Trading Company, supposedly based in Hyderabad. Turns out, this company was just a ghost – non-existent at its declared address. The plot thickens!
The DGGI team didn’t stop there – they dug deeper, analyzing e-way bills and call records to track down the source of all this mischief. And guess where it led them? Right to Riyaz Uddin’s doorstep. A raid on his place revealed a treasure trove of evidence – fake invoices, rubber stamps, and even laptops with tally software used to cook up fake bills for 58 fake entities. Talk about a sophisticated operation!
All in all, it turns out Riyaz Uddin was the brains behind a massive network of fake invoices and e-way bills, swindling the government out of Rs. 561.58 crore in the process. Yikes!
But fear not, justice is being served – Riyaz Uddin has been arrested in Hyderabad, and the authorities have already managed to recover Rs. 3.94 lakh. The investigation is ongoing to uncover the full extent of the fraud and bring any other shady characters to light.
This case just goes to show the growing threat of fake ITC scams in India. The DGGI Pune Zonal Unit is on the case, and we’ll be sure to keep you updated as more details emerge. Stay tuned!
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