Four people have been arrested in various cases for trying to evade GST worth Rs 200 crore. They were arrested in the last few weeks. They tried to evade taxes by making fake invoices for big companies, including a Chinese company. It is suspected that the biggest GST cut in the country was in Bengaluru. The news was reported by the Times of India.
Officials raided several establishments, including a Mumbai-based Chinese company. Several documents related to fake input tax credit were seized. The investigation team also hopes that when the figures come out, it will become clear that more money has been cut. The Bangalore Zonal Unit is investigating. According to the report, Delhi-based Kamlesh Mishra forged invoices worth Rs 500 crore in the name of fake companies. 23 fake companies were created in the names of the poor. Companies started using their documents for money. Later, fake invoices were issued in their name. Later, these companies pretended to be operating at huge profits and rated up bill discounts and bank loans.
Officials say Bialogu Krishnaiah, a businessman who works with some Chinese nationals, set up a company called Jump Monkey Promotions India Limited and carried out the scam. He is said to have forged invoices to famous Chinese companies and sold goods and services as bribes. As a result, China Construction acquired Sosam India Pvt Ltd and Qingdao Construction for Rs 53 crore. The intelligence official said that he had been in constant contact with them through WeChat and had bought large amounts of cryptocurrencies for Chinese individuals. The arrested Krishnaiah was shifted to jail.
Bangalore-based Benstar Power Technologies also produced fake invoices. Suresh Mehta, the mastermind of Benstar Power Technologies, was also arrested. Haneef Mohammad Khwaja, a scrap dealer, was also arrested for providing fake input tax credit of crores of rupees.