A Chartered Accountant (CA) based in Hyderabad, was reportedly arrested by Directorate General of GST Intelligence (DGGI) on Thursday on charges of issuing fake invoices worth Rs. 69 crore.
The Directorate General of GST Intelligence (DGGI) has provisionally attached three bank accounts of the firm and started a probe into the transactions of the accused in Andhra Pradesh, Madhya Pradesh, Maharashtra, and Odisha.
Simultaneous searches were held at over 12 premises on January 22, and February 4, in and around Hyderabad, which led to the bust of modules involved in issuing fake invoices. Incriminating documents, including copies of fake invoices issued on letterheads of firms that existed merely on paper, were seized.
Further investigations have found out that the accused indulged in circular trading to boost the turnover officially and the beneficiaries of the ITC fraud include some leading infrastructure companies in the country.
The accused Chartered Accountant(CA), who’s arrested is according to the investigators is the director of a private limited company, is also the key operator in these firms, organised paper invoices for works, contract services and LED electrical equipment.
He has been remanded in judicial custody till February 19.
