Delhi firm cheats Rs35 Crore by raising fake invoice of Rs650 Crore

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The officers of CGST Delhi South Commissionerate, have busted a syndicate of firms involved in cheating the Government to the tune of Rs 35 crore refund of GST out of Rs50 crore it claimed against the fake invoices up to Rs 650 Crore.

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A case was booked against the Delhi-based Baan Ganga Impex having its Principal office at Ganga  Tower in Mahipalpur of New Delhi. From preliminary scrutiny of the seized documents, the information available on E-way Portal, it is found that Baan Ganga Impex has availed Invoices from non-existing 48 entities creating a web of suppliers among themselves and passing on ITC to each other. Finally, the ITC from all the suppliers is passed on to Baan Ganga Impex which in turn avails refund on the strength of export of goods procured from the unregistered suppliers. The nexus has used fabricated vehicle numbers to generate e-way bills which were found to be of two-wheelers, buses, JCB, private cars and Ambulance etc.

In total, Baan Ganga Impex has availed the invoices from the fake entities amounting to Rs. 685 crore involving GST of Rs. 50 crore and succeeded to get the refund of Rs. 35 crores nearly. 

The Partner of Baan Ganga Impex Rakesh Sharma being the main beneficiary of the said nexus and dealing with all operational activities of the firm has been arrested on Monday and was produced before the Metropolitan Magistrate who remanded him to 14-day judicial custody. Further investigations are in progress.

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