COIMBATORE: The Directorate General of GST Intelligence, Coimbatore, on Friday arrested a city-based businessman for allegedly issuing fake invoices worth `97.87 crore with fake input tax credit of `13 crore. The arrest comes after two days of searches in the residence and business premises of the suspect.
According to GST officers, the suspect aged around 45 was operating a TMT steel bar and scrap business in the Valankurichi. The officials did not reveal his identity saying it will affect further probe in the case.
According to a press release. the businessman availed of and passed fake Input Tax Credit (ITC), without actual supply or receipt of goods. During the searches, they seized items like printed weighbridge data, weighbridge software without any weighbridge, multiple phones used for receiving OTPs related to GST returns, E-way bills, etc., and a computer containing various documents and data of about 10-15 registrations run by the suspect.
The documents and evidence have indicated that the racket has issued more than `97 crores worth of fake invoices resulting in availing of fake ITC of above `13 crore only by four firms involved in the racket, they said.