The Central Office for Goods and Services Tax (CGST) in East Delhi arrested two men on Friday after discovering a large network of fictional companies working to generate and in « The fictitious company network was run by a Naresh Dhoundiyal in conjunction with a devender Kumar Goyal who is a certified accountant. Both are former employees of the Essel Group, » said a statement from the Treasury Department .
« Naresh Dhoundiyal and Shri Devender Kumar Goyal hatched a deeply rooted criminal conspiracy with the intent of defrauding the treasury and knowingly committing crimes that are identified and detectable and non-criminal under sections of the CGST Act 2017 are.
The investigation showed that a layer of fictitious placement companies was created to remove fake ITC from non-exi to the companies of the Essel Group without actual delivery of goods or services.
The Ministry of Finance also announced that this was apparently done to enable the Essel Group to use illegal ITC, Posting income tax evasion expenses and increasing their sales to increase the share prices of their publicly traded companies.
« The total counterfeit ITC passed on by these fictional companies is quantified at Rs. 92.18 billion. All of the fake ITC passed on by other fictional and non-existent companies on the larger network is quantified at more than Rs.300 billion. « added the ministry.
The syndicate has thus defrauded the treasury of more than 392 billion rupees by issuing bogus invoices for more than 3,000 billion rupees with no actual delivery of goods or services.
The Detainees have been held in pre-trial detention for 14 days until March 18th. Further investigations are ongoing.
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