Case of availing fake input tax credit worth Rs 9.63 crore
Lucknow. The Enforcement Directorate on Monday conducted raids at several places in Uttar Pradesh and Haryana in connection with the investigation into a money laundering case to Goods and Services Tax (GST) fraud. The officers provided this information.
Officials said that apart from nine premises in Muzaffarnagar and Ghaziabad in Uttar Pradesh, a search operation was also conducted in Faridabad in Haryana under the provisions of the Prevention of Money Laundering Act in a case to wrongful availing of fake 'input tax credit'.
This investigation is to a company named Jambudweep Export and Import. It is alleged that the company created and passed on 'input tax credit' through fake invoices and 'e-way bills' without actual transportation of goods.
The company could not be contacted for comment on this action of ED. ED alleges that the company transacted funds and withdrew cash at various levels through several fake/non-existent entities. GST officials detected availing of fraudulent input tax credit amounting to Rs 9.63 crore, causing loss of revenue to the exchequer.
Officials said the aim of the raid is to trace the proceeds of crime, identify other beneficiaries and collect documentary and digital evidence to the alleged fake ITC network.
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