A case has been booked against three firms - Fortune Graphics Ltd, Reema Polychem Pvt Ltd and Ganpati Enterprises - for tax evasion of more than Rs 600 crore, the Union Finance Ministry said on Monday.
The Directorate General of GST Intelligence (DGGI) booked Fortune Graphics Ltd, Reema Polychem Pvt Ltd and Ganpati Enterprises as they were found involved in issuance of invoices without any actual supply of goods, and arrested three people in the case, the ministry said in a release.
The ministry stated that the case was detected and developed by the officers on further data analytics out of a case booked against one of the exporters, Anannya Exim, covered in the all India joint operation launched by DGGI-DRI in September 2019, against various exporters for fraudulently claiming IGST refund on the strength of ineligible ITC.
During the investigations conducted by the DGGI HQ, it has emerged that the aforesaid three companies, Reema Polychem Pvt Ltd, Fortune Graphics Ltd and Ganpati Enterprises, have issued invoices worth more than Rs. 4,100 crore wherein tax amount of more than Rs 600 crore has been fraudulently passed on as ITC credit to different entities, the ministry stated.
In this regard, the DGGI HQ has arrested three persons for committing offences under the GST Act, Sections 132(1)(b) and 132(1)(c) of the CGST Act, 2017 and remanded for judicial custody by the Magistrate.
Two of them, who were on the run and were continuously avoiding presence in DGGI Headquarters, are directors/proprietor of Fortune Graphics Ltd, Reema Polychem Pvt Ltd and Ganpati Enterprises, the ministry said.
It said that the third person is the director of AB Players Exports Pvt Ltd and controller of various other export firms/ companies who has claimed IGST refunds on the strength of fake invoices issued by these firms.
Further investigations are under way, the ministry added.
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