Pune: Fake invoice and ITC trading busted by CGST Commssionerate; two arrested

Representational Image. File Pic

A fake invoice and ITC trading racket was busted in Pune by sleuths of Pune CGST Commissionerate on Tuesday. Two persons have been arrested in connection with the racket.

Fake invoices were being issued by various fake/bogus firms who were availing, passing illicit Input Tax Credit (ITC). These firms which existed only on paper was run by a syndicate. Two residents of Pune were revealed to be the masterminds of the syndicate.

The chain also includes government contractors who received fake ITC through fraudulent invoices without actual supply of goods and services.

According to officials, an investigation into the matter has revealed that formal and informal banking channels have been used by the syndicate in collusion with goverment contractors involved in fake invoice trading.

Rs 20 crores of ITC has been generated and availed fraudulently by the racket, out of which Rs 3.25 crores has been recovered till now.

Mumbai airport customs seizes 10.50 kg gold worth Rs 6.64 crore

The Mumbai airport customs has seized around 10.50 kg gold worth Rs 6.64 crore in different cases in the past several days, an official said.

According to the Customs, during 11-13 June, 2024, Airport Commissionerate, Mumbai Customs Zone-III seized over 10.50 kg gold valued at Rs 6.64 crore across 15 cases.

It said, the gold was found concealed in various forms like gold dust in wax, crude jewellery, gold bars in an ingenious way inside the wheels of the trolley suitcase, under the seat of bus, on the body and in body. Five passengers were arrested in connection with the case.

The Customs department said that five Indian nationals, travelling from Jeddah (04) and Dubai (01) to Mumbai were intercepted and found carrying 24KT gold dust in wax having total net weight of 5,800 grams was found concealed in body. All the five passengers were arrested in the cases.

"Four foreign nationals, travelling from Addis Ababa (02) and Nairobi (02) were intercepted and found carrying 1363.00 grams gold concealed in the right-side pocket of the burkha and on the body of passenger," the Customs said.

In an another cases, five Indian nationals travelling from Dubai (02), Bangkok (01), Colombo (01), Sharjah (01) were intercepted and found carrying 1785.00 grams gold concealed in inside the wheels of the trolley suitcase, on the body and in body.

In a separate case 24KT gold dust in wax (02 Pouches) having net weight of 1550.00 grams valued at Rs 98,78,275 was found concealed under the seat of bus ferrying passengers from Remote to Airport building, the officials said.