Lucknow: the cybercell traces the tax evasion offer of a group of 650 bogus companies | Lucknow News

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LUCKNOW: Investigation of a tax evasion bid by one Based in Unnao A man arrested by the UP Police Cyber ​​Cell for making fraudulent transactions has unearthed a larger connection that includes a consortium of 650 fake companies involved in a similar fraud.
SP Cybercell Triveni Singh said that during the interrogation of the arrested defendants Sanjay Yadav and verification of documents, it emerged that a consortium of 650 other fake companies were involved in a similar GST evasion of Rs 1,000 crore.
“We have also brought in an investigative team from GST where an additional officer of commissioner rank will help us identify the culprits, and also identify the companies profiting from the escape,” Singh said.
The officer also said that the preliminary investigation also revealed that it was a big gang, in which Sanjay is just a cog. His wife’s bank accounts are also being scanned, he said.
The officer also said that this fraud also appears to be similar to a case in March, in which the issuance of GST invoices of Rs 1,708 crore from a chain of fake businesses/companies operating from Delhi, Moradabad and Meerut, involving a fraudulent Input Tax (ITC) credit of around Rs 281 crore had surfaced.
Yadav had started several ventures where no physical movement of goods would take place but fake invoices were issued against the resources and materials used for which a sum of Rs 215 crore ITC was used. ITC means that at the time of payment of production tax, you can reduce the tax already paid on inputs and pay the balance.
The modus operandi involved circulating fake ITCs through a chain of non-existent companies by registering them at non-existent addresses. These companies issued false invoices and the ITCs were transferred to existing companies for later use in paying GST.
“Through a complex data-driven investigation, it was discovered that 15 companies had filed tax returns from computers with the same IP address. In addition, six companies had the same contact number and four the same email id,” Singh said.


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