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The GST and Central Excise Department, Chennai- North, arrested a 58-year-old director of a metal scrap trading from the city for committing a GST credit fraud of ₹26 crore. The person arrested was produced before the Additional Chief Metropolitan Magistrate. He was remanded to judicial custody until January 4.
The person was the main beneficiary of the ₹26 crore GST credit fraud. He, in collision with certain fictitious firms, received bogus tax invoices without receiving any goods or services. The fictitious companies issued tax invoices to the arrested person’s business firm without supplying any goods or services for a commission to facilitate fraudulent availment of GST credit of ₹26 crore on invoice value of ₹150 crore. The arrested person admitted to committing the credit fraud, says a department press release.
This is the fifth arrest made by the department in December in relation to GST credit frauds.
On December 4, a 31-year-old was arrested for the same fraud of ₹33 crore. Later, during the month in another case against a well-established entity, the managing director and two other key individuals were arrested for committing a GST credit fraud of ₹10 crore, the release said.
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