DGGI Pune uncovers ₹1,196 cr GST fraud involving multiple private firms
1 month, 2 weeks ago

DGGI Pune uncovers ₹1,196 cr GST fraud involving multiple private firms

Hindustan Times  

The Directorate General of GST Intelligence, Pune zonal unit, has uncovered a massive GST fraud amounting to ₹1,196 crore and has arrested one individual in connection with the case, Finance Ministry said in a statement on Wednesday. The investigation, involving searches at multiple locations in Pune, Delhi, Noida and Muzaffarnagar, has revealed a sophisticated network of bogus companies engaged in fraudulent Input Tax Credit transactions. “To avoid suspicion, these firms were registered as private limited companies, using ITC from fake supplies to discharge tax liabilities and pass on ITC to beneficiaries,” it said. During searches at multiple locations, officials recovered original invoices, financial records, company stamps, and seals, indicating centralized control over multiple shell firms.

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History of this topic

Two men from Delhi arrested for conning Hyderabad businessman of ₹9.5 lakh
3 days, 10 hours ago

Two men from Delhi arrested for conning Hyderabad businessman of ₹9.5 lakh

The Hindu  

Two men from Delhi were arrested by the cybercrime wing of Hyderabad police for defrauding a Hyderabad–based businessman of ₹9.5 lakh in a business and investment scam. Investigation revealed that the fraudsters primarily operated by reaching out to victims through social media platforms and direct calls, pretending to offer guidance on business expansion, trading, and securing international orders. They convinced …

Citizens cheated of ₹31.35 lakh in cyber fraud cases
Trending News
1 week, 4 days ago

Citizens cheated of ₹31.35 lakh in cyber fraud cases

Hindustan Times  

Three cases of cyber frauds were lodged in the city on March 17, where fraudsters duped citizens collectively of ₹31.35 lakh. In the first case, the Alankar Police have lodged a case against a nationalised bank manager for calling up a bank customer urging him to complete the Know your customer process and instead fraudulently transferred ₹8.60 lakh from the …

Cyber fraud being operated from fake call centre in city busted; 63 arrested
3 weeks, 2 days ago

Cyber fraud being operated from fake call centre in city busted; 63 arrested

Deccan Chronicle  

Hyderabad: Officials from the Telangana Cyber Security Bureau on Thursday busted a major cyberfraud operation running out of a fake call centre in Hi-Tec City, Madhapur, with the arrest of 63 persons including women from the northeast. According to officials, the accused, working at Exito Solutions, a fake call centre, impersonated customer care representatives of PayPal to deceive victims. Using …

ED raids Mumbai firm in Rs 4,500 crore fraud case, seizes overseas asset records
3 weeks, 6 days ago

ED raids Mumbai firm in Rs 4,500 crore fraud case, seizes overseas asset records

India Today  

The Enforcement Directorate conducted raids on four premises linked to a Mumbai-based firm and its promoters in connection with a Rs 4,500 crore investment fraud case, in which approximately five lakh investors were duped, officials said on Monday. During the searches, various documents containing details of overseas assets currently being operated by family members of the main accused, the late …

Gang of three from Tamil Nadu arrested in ₹1.38 crore ‘digital arrest’ fraud
1 month ago

Gang of three from Tamil Nadu arrested in ₹1.38 crore ‘digital arrest’ fraud

The Hindu  

Three men from Namakkal, Tamil Nadu, have been arrested by the Cyberabad Cyber Crime Police for their involvement in a ₹1.38 crore ‘digital arrest’ fraud. Under immense pressure, the victim was tricked into transferring ₹1,38,60,000 across multiple bank accounts controlled by the fraudsters,” explained the police. The Cyberabad Cyber Crime Police initiated a thorough investigation, which revealed that the stolen …

I-T officer duped of ₹10L by cyber frauds
1 month, 2 weeks ago

I-T officer duped of ₹10L by cyber frauds

Hindustan Times  

MUMBAI: A 57-year-old woman working as an administrative officer in the Income Tax department was duped of ₹10 lakh by fraudsters using the fake online share trading modus operandi. I-T officer duped of ₹ 10L by cyber frauds The cyber frauds first approached the complainant’s son by adding him to a WhatsApp group on November 27 last year, luring him …

CSR funds scam: CB raids accused’s office in Kadavanthra
1 month, 2 weeks ago

CSR funds scam: CB raids accused’s office in Kadavanthra

The Hindu  

The State Crime Branch probing the alleged corporate social responsibility funds scam raided an office of the key accused Ananthu Krishnan at Kadavanthra here on Thursday. This was the first active move by the 80-member Crime Branch team ever since 34 cases collectively amounting to around ₹37 crore related to the alleged scam were handed over to it on Monday. …

DGGI probe detects ₹1,196 crore fraudulent Input Tax Credit transactions
1 month, 2 weeks ago

DGGI probe detects ₹1,196 crore fraudulent Input Tax Credit transactions

The Hindu  

The Directorate General of GST Intelligence has unearthed fraudulent Input Tax Credit transactions amounting to ₹1,196 crore by exposing a network of bogus companies and arrested a person, as per an official release. The investigation showed that the accused had set up shell entities that generated fake invoices and e-way bills. The fraudulent network facilitated the availing and passing of …

Bogus companies, fake invoices: ₹1,196 crore GST fraud unearthed by DGGI Pune Zonal Unit; check details
1 month, 2 weeks ago

Bogus companies, fake invoices: ₹1,196 crore GST fraud unearthed by DGGI Pune Zonal Unit; check details

Live Mint  

The Pune Zonal Unit of the Directorate General of GST Intelligence has busted a Goods and Services Tax evasion racket involving a fraudulent input tax credit scam of ₹1,196 crore and arrested one individual in connection with the case. The investigation has revealed a sophisticated network of bogus companies engaged in fraudulent Input Tax Credit transactions, reported PTI quoting DGGI …

One arrested for availing fake input tax credit of ₹227 crore
1 month, 4 weeks ago

One arrested for availing fake input tax credit of ₹227 crore

The Hindu  

Officials of the Central Goods and Services Tax Commissionerate, Puducherry, have arrested a person after discovering that he had availed himself of fake input tax credit to the tune of ₹227 crore. He had passed on a substantial amount of the fake input tax credit to his own units in Tamil Nadu. A press release from the Commissionerate said a …

Ludhiana: 3 held over ₹80-crore fake billing scam
1 month, 4 weeks ago

Ludhiana: 3 held over ₹80-crore fake billing scam

Hindustan Times  

The local unit of directorate general of GST intelligence bused a fake billing scam worth ₹79.4 crore in the insurance sector, officials said, adding that three individuals were arrested. Following this, authorities cancelled GST registrations of 22 fraudulent firms and blocked ₹97 lakh in fake credit obtained through fake billing. They purchased fake bills from suppliers across Uttar Pradesh, Delhi, …

Delhi cyberfrauds siphoned ₹4,900-cr cyber crime money abroad: ED
2 months ago

Delhi cyberfrauds siphoned ₹4,900-cr cyber crime money abroad: ED

Hindustan Times  

New Delhi, The Enforcement Directorate Thursday said two Delhi-based "cyber criminals" siphoned off more than ₹4,900 crore abroad by "misusing" special economic zone facilities. Delhi cyberfrauds siphoned ₹ 4,900-cr cyber crime money abroad: ED The two accused Punit Kumar alias Puneet Maheshwari alias John, a resident of Moti Nagar area, and Ashish Kakkar alias Pablo, a resident of Greater Kailash …

DGGI arrests Hosur proprietor for claiming fraudulent tax credit
2 months, 1 week ago

DGGI arrests Hosur proprietor for claiming fraudulent tax credit

The Hindu  

The Directorate General of GST Intelligence, Hosur, has arrested the proprietor of an unnamed firm for fraudulent input tax credit of ₹9.64 crore without actual receipt of goods. Officers from DGGI’s Hosur unit conducted searches at the business premises of the proprietorship firm following a crackdown on 21 fake or non-existent firms through which the accused had availed input tax …

Ludhiana: Director of forging industry loses ₹15L to imposter posing as MD
2 months, 2 weeks ago

Ludhiana: Director of forging industry loses ₹15L to imposter posing as MD

Hindustan Times  

The director of a forging industrial unit in Ludhiana was duped of ₹15 lakh by a fraudster posing as the company’s managing director. The imposter contacted the victim through WhatsApp, using a new number with the MD’s display picture, and tricked him into transferring the amount for a purported investment in a new project. Inspector Jatinder Singh, SHO at the …

Vizag GST slueths arrest Tamil Nadu man over ₹35 cr tax fraud
2 months, 2 weeks ago

Vizag GST slueths arrest Tamil Nadu man over ₹35 cr tax fraud

The Hindu  

Directorate General of GST Intelligence officials of the Visakhapatnam Zonal Unit have arrested a man based out of Tamil Nadu for allegedly generating fake invoices worth ₹230 crore and committing a Goods & Service Tax input tax credit fraud, causing a loss of ₹35 crore to the government exchequer. The officials say the accused is the mastermind behind a complex …

Four arrested for siphoning off ₹12.5 cr from CRED, Bengaluru police uncover major crime: Report
Trending News
3 months ago

Four arrested for siphoning off ₹12.5 cr from CRED, Bengaluru police uncover major crime: Report

Hindustan Times  

In a major cybercrime case, Bengaluru police have arrested four individuals from Gujarat who allegedly embezzled ₹12.5 crore from credit card payments platform CRED, reported Deccan Herald. According to the report, CRED’s corporate account is managed through Axis Bank’s Indiranagar branch in Bengaluru and authorities have managed to recover ₹1.83 crore of the stolen amount. The accused reportedly identified vulnerabilities …

3 cyber fraudsters pose as CBI officers, dupe Delhi family of ₹5 lakh
3 months, 1 week ago

3 cyber fraudsters pose as CBI officers, dupe Delhi family of ₹5 lakh

Hindustan Times  

Three cyber fraudsters who duped a family of ₹5 lakh by posing as Central Bureau of Investigation officers have been arrested, police said on Friday. The fraudster alleged that their son was involved in a rape case and demanded ₹5 lakh for his release," Deputy Commissioner of Police Ankit Chauhan said. During interrogation, the accused men confessed to their crimes, …

Colonel’s mobile theft exposes cyber fraud gang
3 months, 1 week ago

Colonel’s mobile theft exposes cyber fraud gang

Hindustan Times  

The recent theft of an iPhone of a colonel exposed a gang of cyber thugs active in the city, who first steal people’s mobile phones and then use it to commit cyber crimes. The DCP explained that the matter came into police knowledge when one complainant Colonel Santosh Kumar Mishra lodged a complaint in the Cyber Crime Cell regarding cyber …

Cyber fraud: Lucknow police recover, return ₹19 lakh to online scam victim
Trending News
3 months, 2 weeks ago

Cyber fraud: Lucknow police recover, return ₹19 lakh to online scam victim

Hindustan Times  

LUCKNOW The cybercrime cell of the Lucknow police on Saturday helped a state capital resident Amit Gupta get back ₹19 lakh out of ₹ 28.7 lakh that he lost in a cyber fraud on the promise of earning huge profits from trading in the stock market between May and July earlier this year. The cyber frauds, impersonating as representatives of …

Delhi police crackdown on cyber fraud racket
3 months, 3 weeks ago

Delhi police crackdown on cyber fraud racket

New Indian Express  

NEW DELHI: Delhi Police has dismantled a major racket of cybercriminals who defrauded people to the tune of nearly Rs 20 crore by creating fake identity documents of non-existent individuals, established shell companies, opened current bank accounts, and rented out these accounts for fraudulent purposes. This syndicate had been providing access to multiple current bank accounts to unknown cyber fraudsters …

Hyderabad man duped of Rs 8 crore by fraudsters posing as stock traders
3 months, 4 weeks ago

Hyderabad man duped of Rs 8 crore by fraudsters posing as stock traders

India Today  

Cyber Crime Police Station of the Telangana Cyber Security Bureau has arrested two individuals involved in a stock trading fraud that duped a man of Rs 8.14 crore in Hyderabad, officials said on Sunday. The incident came to light on October 21 when a resident of Hyderabad's Banjara Hills filed a complaint alleging that he had been lured into a …

Ludhiana: GST fraud using city man’s identity uncovered, probe on
4 months ago

Ludhiana: GST fraud using city man’s identity uncovered, probe on

Hindustan Times  

Fraudsters misused the identity of a 24-year-old Ludhiana resident to obtain a GST number and open a firm, facilitating transactions worth crores of rupees. Victim Anurag Singh, a resident of Shanker Colony, Bhamian Kalan, said he was stunned to receive an income tax notice via email on November 25 regarding a business he never started, demanding explanations for transactions worth …

Five held for duping minister’s accountant of ₹2 crore in cyber scam
4 months ago

Five held for duping minister’s accountant of ₹2 crore in cyber scam

Hindustan Times  

In a major breakthrough, the cops at Cyber Police Station on Sunday arrested five cyber criminals who had defrauded over ₹2 crore from the accountant of cabinet minister Nand Gopal Gupta Nandi. Following investigations, a team of cyber cops under inspector Rajeev Tiwari arrested five fraudsters from Bareilly, Dehradun and other districts. Posing as Nandi’s son, the cyber criminals instructed …

Eight arrested in Mumbai share trading scam involving illegal SIM cards
4 months, 2 weeks ago

Eight arrested in Mumbai share trading scam involving illegal SIM cards

Hindustan Times  

Mumbai: The Mumbai Central cyber police have arrested eight individuals, including six mobile service provider employees and two shopkeepers, in connection with a cyber fraud scheme that deceived numerous people through fraudulent share market investments. The Mumbai Central cyber police have arrested eight individuals, including six mobile service provider employees and two shopkeepers, in connection with a cyber fraud scheme. …

Probe: ED files charge sheet, I4C issues fresh advisory on digital arrests
4 months, 3 weeks ago

Probe: ED files charge sheet, I4C issues fresh advisory on digital arrests

The Hindu  

The Enforcement Directorate (ED) has filed a charge sheet against eight individuals in a case related to digital arrests. The ED alleges that the suspects lured people into investing in fake IPOs and stock market investments through fraudulent apps. The I4C has also issued a public advisory urging people to be aware of this scam and to report it immediately.

Man held on charge of online trading fraud
6 months ago

Man held on charge of online trading fraud

The Hindu  

The Ernakulam Rural police arrested a Karnataka native on September 29 in connection with the alleged defrauding of ₹11.50 lakh from a Kizhakkambalam native after promising him huge profits through online trading. A probe revealed that the fraudsters had ‘purchased’ bank accounts of others and conducted transactions worth lakhs, while the money illegally obtained was converted into Bitcoin. The police …

Tech company loses Rs 33 lakh to cyber fraud
6 months, 2 weeks ago

Tech company loses Rs 33 lakh to cyber fraud

New Indian Express  

HYDERABAD: An IT company in Begumpet lost over Rs 33 lakh after cyber fraudsters allegedly hacked into their official email ID and sent a mail to one of their global clients claiming that the company had changed their banking information. Trusting the email communication, the company’s client, who is based in the US, made transactions to the tune of $39,679 …

Enforcement Directorate arrests four more accused linked to cyber fraud syndicate involving “Chinese scammers”
6 months, 2 weeks ago

Enforcement Directorate arrests four more accused linked to cyber fraud syndicate involving “Chinese scammers”

The Hindu  

The Enforcement Directorate has arrested four accused in a case related to cyber fraud of ₹2.60 crore by a person posing as a Central Bureau of Investigation official, who was part of a network involving “Chinese scammers”. “All the four accused were involved in incorporation of shell companies and opening of bank accounts, through which Proceeds of Crime generated from …

Pan-India stock market scams on ED radar, ₹25 crore traced; 200 shell firms being probed
6 months, 3 weeks ago

Pan-India stock market scams on ED radar, ₹25 crore traced; 200 shell firms being probed

Hindustan Times  

MUMBAI: An Enforcement Directorate pan-India probe into multi-crore online scams, in which investors were trapped into investing in stock markets through fake mobile apps, has revealed that the accused employed a maze of 200-plus shell firms to acquire and then divert the proceeds of crime. The agency’s money trail in the case revealed that the fraudsters allegedly incorporated over 200 …

6 CGST officials among 8 named by CBI in ₹50L bribery case
6 months, 3 weeks ago

6 CGST officials among 8 named by CBI in ₹50L bribery case

Hindustan Times  

Mumbai: In a major crackdown, the Central Bureau of Investigation’s Mumbai unit has named six former/ serving Central Goods and Services Tax officers posted in the anti-evasion wing in a bribery case registered on Thursday. One of the six accused officials, a CGST superintendent, and accused two private individuals have been arrested and investigation is underway to determine the roles …

ED conducts search operations in Nagpur, Kolkata, Vishakhapatnam in ₹4,000 crore bank loan fraud case
7 months, 2 weeks ago

ED conducts search operations in Nagpur, Kolkata, Vishakhapatnam in ₹4,000 crore bank loan fraud case

The Hindu  

The Enforcement Directorate’s Nagpur sub-zonal office carried out three days of search operations from August 12 to August 14 at 14 official and residential premises in Nagpur, Kolkata, and Vishakhapatnam as part of a money laundering investigation. ED officials said on Wednesday they are investigating a bank loan fraud by M/s Corporate Power Limited and its promoters and directors: Manoj …

GST officer among 7 held in Delhi for forging receipts of ₹718 cr
7 months, 2 weeks ago

GST officer among 7 held in Delhi for forging receipts of ₹718 cr

Hindustan Times  

A 54-year-old Goods and Services Tax officer was arrested in Delhi along with six associates for allegedly forging invoices worth ₹718 crores with the Delhi government’s trade and taxes department in order to receive more than ₹54 crore in refunds, said officials said on Monday. The three others arrested included a man who was “running” these bogus firms and two …

Fake invoice, ITC trading racket busted
7 months, 3 weeks ago

Fake invoice, ITC trading racket busted

Hindustan Times  

Acting on intelligence, officers of anti-evasion, Pune-II, Central Goods and Services Tax Commissionerate, Pune Zone has booked a case of issuance of fake invoices by various bogus firms to avail, pass ineligible input tax credit, officials said on Tuesday. The probe reveals that formal and informal banking channels have been used by the syndicate in collusion with government contractors involved …

Panchkula bizman loses ₹1.7cr to investment fraud
7 months, 4 weeks ago

Panchkula bizman loses ₹1.7cr to investment fraud

Hindustan Times  

A businessman lost ₹1.75 crore to online fraudsters in name of investing in stocks. In his complaint, Sunil Kumar Bhargav, 51, of Sector 12, Panchkula, told police that he owns a pharmaceutical factory, which manufactures ayurvedic medicines, in Kala Amb. For the purpose of investing, Bhargav withdrew money from his wife’s, son’s and his own bank account. A case under …

Two held for defrauding resident of ₹48.5L
9 months, 1 week ago

Two held for defrauding resident of ₹48.5L

Hindustan Times  

Noida HT Image Two persons were arrested for allegedly defrauding a person of ₹48.5 lakh in the guise of share trading through fraudulent apps and shell companies from Sector 44 on Wednesday, police. “The arrested accused, to open the accounts of RK Traders and other shell companies, rented a shop in the name of a fake firm by preparing a …

Irregularities of Rs 1,170 crore unearthed in scrap trade
10 months ago

Irregularities of Rs 1,170 crore unearthed in scrap trade

New Indian Express  

THIRUVANANTHAPURAM: The GST department has unearthed irregularities committed through fake billing to the tune of Rs 1,170 crore. The drive ‘Operation Palm Tree’ on 180 scrap business dealers detected GST evasion of Rs 209 crore. The inspections were started on Thursday early morning at 5 am with 300 GST department officials taking part in it. During the inspections, it was …

State GST department unearths fake billing racket linked to metal scrap trade; ₹1,170 crore worth of tax evasion detected
10 months ago

State GST department unearths fake billing racket linked to metal scrap trade; ₹1,170 crore worth of tax evasion detected

The Hindu  

The State Goods and Services Tax department has unearthed massive tax evasion in the metal scrap trade sector where fake GST invoices were created to illegally claim input tax credit. A preliminary assessment pegged the fraudulent transactions at ₹1,170 crore, causing tax loss of ₹209 crore, the State GST Department said on Thursday. The tax evasion cartels operate by creating …

Noida: Three more gang members held in ₹10K-cr GST fraud
10 months, 1 week ago

Noida: Three more gang members held in ₹10K-cr GST fraud

Hindustan Times  

The Noida police said on Saturday that they have arrested three more members of a gang allegedly involved in a ₹10,000 crore Goods and Services Tax fraud that came to light in June last year, bringing the total number of people apprehended in the case to 44. On June 1, 2023, the Noida police had claimed to have busted a …

Five officials held in GST refund fraud case
10 months, 3 weeks ago

Five officials held in GST refund fraud case

Deccan Chronicle  

Hyderabad: The sleuths of Central Crime Station arrested five GST officials including a woman in connection with a case registered related to GST refund fraud. The five arrested officials have been identified as Peetala Swarna Kumar, a Deputy Commissioner, GST in Nalgonda division, Kelam Venu Gopal, an Assistant Commissioner in Abids Circle, Podila Viswa Kiran, an Assistant Commissioner in Madhapur-1 …

HPZ token app: 76 entities, their 10 Chinese directors under ED scanner
10 months, 3 weeks ago

HPZ token app: 76 entities, their 10 Chinese directors under ED scanner

Hindustan Times  

MUMBAI: The money laundering investigation by the Enforcement Directorate into the alleged bitcoin mining fraud scheme via the HPZ token app — which allegedly involves misleading the public into investing in non-existent cryptocurrency mining machines — has revealed the role of 76 Chinese-controlled entities and 10 Chinese directors in the case. The agency’s investigation has revealed the alleged role of …

Inspector among four booked for ₹20-lakh ration fraud in Panipat
11 months, 2 weeks ago

Inspector among four booked for ₹20-lakh ration fraud in Panipat

Hindustan Times  

​ Police have booked four persons, including a programmer and an inspector of the district food civil supplies and consumer affairs department, for their alleged involvement in a ration fraud of ₹20 lakh in Panipat. HT Image The accused were identified as Srijan Bharti, a programmer, Surender Saini, inspector, Anil Kumar and Lalita, both depot holders, police said. District food …

3 held from Gujarat for cheating Ggm resident of ₹1.05 crore
1 year ago

3 held from Gujarat for cheating Ggm resident of ₹1.05 crore

Hindustan Times  

Three suspected members of a cybercrime gang were arrested from Porbandar and Valsad in Gujarat for their alleged involvement in cheating a city resident of ₹1.05 crore after luring him with the promise of hefty returns if he invested in the stock market, police said on Sunday. Investigators said that three mobile phones, five cheque books, two bank passbooks and …

GST Scam: Noida Police arrest two billionaire traders, masterminds of multi-crore GST scam
1 year ago

GST Scam: Noida Police arrest two billionaire traders, masterminds of multi-crore GST scam

The Hindu  

In a breakthrough in the Goods and Services Tax fraud case, the Noida Police on March 20 said it has arrested two Haryana-based "billionaire businessmen" who allegedly masterminded the multi-crore revenue loss to the exchequer. Known as the "GST scam", the case came to light in June 2023 and pertains to revenue loss to the exchequer through input-tax credit being …

ED arrests Delhi resident over ₹4,978-crore cheating case
1 year ago

ED arrests Delhi resident over ₹4,978-crore cheating case

The Hindu  

The Enforcement Directorate has arrested Delhi resident Ashish Kakkar for allegedly running a cybercrime syndicate that cheated people across the country of ₹4,978 crore over the past four years. It is alleged that Mr. Kakkar imported a large number of consignments – declaring high-value items such as rose oil and solar panel machinery – from Dubai, Hong Kong, China, and …

Over ₹1,000-crore GST fraud in Telangana unearthed by CT department
1 year ago

Over ₹1,000-crore GST fraud in Telangana unearthed by CT department

The Hindu  

The Commercial Taxes department has unearthed an over ₹1,000-crore GST fraud in refunds and input credit tax cases after the Congress party came to power in Telangana. Preliminary desk audits by senior CT officials have exposed fraudulent refunds and input tax credits which it appears was deliberately suppressed by the previous regime. On one hand, the firms under investigation have …

3 private bank executives in Ggm held for helping cyber criminals cheat thousands
1 year, 1 month ago

3 private bank executives in Ggm held for helping cyber criminals cheat thousands

Hindustan Times  

Three executives of a private bank in Gurugram were arrested for helping a gang of cyber criminals cheat thousands of people across the country of crores of rupees, police officers familiar with the matter said on Tuesday. The executives — two deputy managers and an assistant manager of Kotak Mahindra Bank’s MG Road branch — allegedly opened more than 2,000 …

CBI takes over probe into ₹1.86 cr fraud by investment firm
1 year, 1 month ago

CBI takes over probe into ₹1.86 cr fraud by investment firm

Hindustan Times  

MUMBAI: The Central Bureau of Investigation has taken over investigation in two cases of alleged fraud worth ₹1.86 crore by High Brow Market Research Investment Adviser Pvt Ltd, an Indore-based market research consultancy and investment firm. The complainant alleged that from January 2018 to July 2018, he transferred funds worth ₹1.61 crore to the bank account of High Brow Market …

Tax sleuths sniff out odd money trail in steel scrap from Bantwal in Dakshina Kannada
1 year, 1 month ago

Tax sleuths sniff out odd money trail in steel scrap from Bantwal in Dakshina Kannada

New Indian Express  

BENGALURU: State tax sleuths who had arrested Mohammed Siddiq, a main supplier of steel rerollers in a tax evasion racket of Rs 1,000 crore, arrested his accomplice Imtiaz, from Bantwal in Dakshina Kannada. Sources said that during investigation, tax sleuths noticed a money trail leading to several states, and revealing that the mastermind had set up a maze of fraudulent …

Fake invoices: 29,000-plus firms busted since May 2023
1 year, 2 months ago

Fake invoices: 29,000-plus firms busted since May 2023

The Hindu  

Over 29,000 bogus firms, involved in evading Goods and Services Tax dues of more than ₹44,000 crore, have been busted over the past seven months, leading to 121 arrests, the Finance Ministry said on January 7. Fake invoices are used by firms to avail input tax credit without any underlying supply of goods and services taking place. “Since the initiation …

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