Top Management of M/s. Manpasapd Beverages Ltd. Savli, Vadodara arrested in fake invoice GST fraud.
Multi locational searches were conducted on various premises of M/s Manpasand Beverages ltd. on 23/05/2019. The searches resulted into unveiling of a huge racket of creating fake/dummy units for availing fraudulent credit and committing tax evasion of Rs. 40 Crores and involving turnover of Rs. 300 cores approx.
Shri Abhishek Singh, M.D.. Shri Harshvardhan Singh, brother of M.D. and Shri Paresh Thakkar, CFO, were arrested by the sleuths of Central GST Comenissionerate Vadodara-II.
M/s Manpasand Beverages Ltd. Is a listed company on BSE and NSE with a market capitalisation of 1200 crores. The continuing investigation has unearthed a network of more than 30 fake units located in various parts of the country which were used for committing fraud by availing illegal credit. The investigation regarding ultimate beneficiary of the fraud and web of shell companies is under progress.
Disclosure with Exchange by M/s. Manpasapd Beverages Ltd. Savli, Vadodara