Visakhapatnam GST team bursts fake invoice racket worth Rs. 400 crore, one held

The Visakhapatnam GST team on Saturday nabbed the gang that created fake bills in the name of Gold Bullion Market and looted crores of rupees. The were found to have received a subsidy of Rs 28 crore on fake bills without doing business. A total of 32 bogus companies were set up and fake bills were created as if they had done business worth Rs 400 crore. The GST team conducted searches at various establishments in the vicinity of Guntur and Mangalagiri and seized gold and silver jewelery worth Rs 1.58 crore in the deal.

Authorities have arrested the mastermind of the gang. Seven cases were registered this month against the accused who created 32 bogus companies. Officials found that the fake bills were created as the activities were carried out without doing business. It is clear that they were provoked by the loopholes in the GST law. A 25-year-old man from Guntur was arrested in the case. The details were revealed by Visakhapatnam Zone Joint Director Mayank Sharma. Two have been arrested in the past in connection with the affair.

It is alleged that the authorities also largely ignored the fact that after filing for GST registration and regularly filing the turnover online every month after the numbers arrived. It seems that there are many perpetrators of such irregularities. Information that the officials are preparing to focus on them in this context and take appropriate action.