The Office of the Pr. Chief Commissioner, CGST Lucknow Zone, has reported a major breakthrough in combating tax fraud. The CGST Commissionerate Agra successfully uncovered a fake Input Tax Credit (ITC) racket through precise intelligence gathering and AI tools.
Utilizing specific intelligence and advanced AI tools like E-way Bill data, ADVIT, and BIFA, the officers of CGST & Central Excise, Agra, unearthed a complex scam involving bogus firms. The fraudulent activities included issuing fake invoices without any actual supply of goods and using individual bank accounts to route money from these transactions. The investigation has so far identified 218 bogus firms operating nationwide, with a staggering transaction value of Rs. 750 Crores and ITC amounting to Rs. 134 Crores. One of the masterminds behind the operation has already been apprehended, while further investigations are ongoing.
The busting of this fake ITC racket by CGST Commissionerate Agra is a significant achievement in the fight against tax fraud. Such fraudulent practices not only cause substantial revenue losses to the government but also distort fair competition in the market. The success of this operation sends a strong message to potential wrongdoers that they will be brought to justice. Authorities continue their efforts to dismantle the entire network behind the scam and ensure that all those involved face the consequences of their actions.
OFFICE OF THE PR. CHIEF COMMISSIONER, CGST
LUCKNOW ZONE
FAKE ITC RACKET BUSTED BY CGST COMMISSIONERATE AGRA
On the basis of specific intelligence gathered and further developed through AI tools ( E-way Bill data, ADVIT, BIFA) the Officers of CGST 86 Central Excise, Agra have busted a racket engaged in trading of bogus firms, issuance of bogus invoices without supply of goods and opening of Individual Current Bank Accounts on the PAN 86 AADHAR documents of mar finalised persons for routing money against sale of bogus invoices.
During investigation till date 218 Bogus Firms have been identified Pan India basis. Total transaction value by these firms stand to tune of *Rs.750 Crores involving ITC of Rs 134 Crores. One of the Masterminds has been arrested on 23.07.2023. Further investigation is going on.
