Rs 34.7 crore fraudulent Input Tax Credit racket bustedThe accused allegedly floated 19 bogus firms to avail of fraudulent ITC of about Rs 40.66 crore, and passed on fraudulent ITC of Rs 34.74 crore, it said.
Last Updated IST
Representative image of fraud.
Credit: iStock Photo
Thane: The Thane Central Goods and Services Tax and Central Excise commissionerate on Friday arrested three persons in a fraudulent Input Tax Credit (ITC) racket that caused a loss of Rs 40.66 crore to the exchequer, officials said.
Bhaven Kachiyapatel, the alleged mastermind, along with Dileep Bhatt and Hardik Shah played a pivotal role in the scam, said a release here.
The accused allegedly floated 19 bogus firms to avail of fraudulent ITC of about Rs 40.66 crore, and passed on fraudulent ITC of Rs 34.74 crore, it said.
A magistrate here remanded all three accused in judicial custody for 14 days. Further investigation is under way.