The Delhi High Court has granted anticipatory bail to a person accused of fraudulently availing and passing on fake Input Tax Credit (ITC) worth Rs. 72 Crores.
The petitioner is one of the directors in M/s Jetibai Grandsons Services India Pvt. Ltd, a company incorporated in August 2019. The company was initially involved in the supply of services; however, it subsequently started manufacturing and supplying solar inverters, solar power generating units, and other products.
The respondents have alleged that the Company of which the petitioner is a director, along with other firms namely M/s Microlyte Energy (P) Limited, M/s Sun Automation Limited, M/s Urja Global Limited, and M/s NYX Industry India (P) Ltd. are involved in fraudulently availing and passing on ineligible/fake Input Tax Credit amounting to Rs. 72,00,00,000/-.
The respondent has alleged that the Company made most of its purchases from three firms namely – M/s Microlyte Energy (P) Limited, M/s Sun Automation Limited, and M/s Urja Global Limited. It has been alleged that these three firms further received these goods from various firms, most of which have been found to be non-existent at their official addresses and had no inward supplies. The respondent has thus alleged that these firms have availed the ineligible Input Tax Credit amounting to Rs. 72,00,00,000 and fraudulently passed on the same to the Company within a short span of five months from November 2020 to March 2021.
The single bench of Justice Chandra Dhari Singh allows the instant application under section 438 of the Code of Criminal Procedure. In the event of arrest, the petitioner has been released on bail on his furnishing a personal bond in the sum of Rs. 5,00,000/- with two solvent sureties of like amount to the satisfaction of the Investigating Officer/Apprehending Authority with various terms and conditions.
Firstly, the court has directed that the petitioner shall surrender his passport before the Investigating Officer/Apprehending Authority and under no circumstances leave India without prior permission of the Investigating Officer/Apprehending Authority, and, if he does not possess.
Secondly any passport, he shall file an affidavit to that effect before the Investigating Officer /Apprehending Authority.
Thirdly, he shall cooperate in the investigation and appear before the Investigating Officer/Apprehending Authority as and when Summoned.
Fourthly, he shall not directly or indirectly make any inducement, threat, or promise to any person acquainted with the facts of the case.
Fifthly, he shall provide his mobile number and keep it operational at all times. He shall drop a PIN on Google map to ensure that his location is available to the Investigating Officer/Apprehending Authority, and he shall commit no offence whatsoever during the period he is on bail.
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