Solapur-based lawyer arrested in ₹100 crore bogus GST invoice racket
The Directorate General of Goods and Services Tax Intelligence (DGGI) on Thursday apprehended a Solapur-based lawyer, Sajid Ahmed Sheikh, for allegedly orchestrating a massive fake GST invoice racket worth over ₹100 crore.
Investigations by the DGGI revealed that Sheikh had set up a complex network of 30 shell companies using counterfeit and fabricated documents. He allegedly used these fake entities to generate fake invoices for non-existent transactions to fraudulently avail of Input Tax Credit (ITC), a senior GST official confirmed. The accused was placed in judicial custody for 14 days and has been lodged in Kalamba Central Jail.
Following intelligence inputs, DGGI officers conducted a raid at Sheikh's office in Solapur on May 22. They seized several electronic devices, including his computer and mobile phone. A forensic examination of these devices uncovered crucial evidence, prompting the agency to expand its investigation to 12 more suspected shell companies operating in the area.
Authorities believe the scam may extend to multiple stakeholders, including traders, real estate developers, and jewellers, who could be complicit in the fraudulent ITC claims. The ongoing probe aims to unearth the full extent of this elaborate tax evasion racket.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Hindustan Times
33 minutes ago
- Hindustan Times
Launch crackdown on shell, fake firms: U.P. CM to officials
LUCKNOW Uttar Pradesh chief minister Yogi Adityanath on Sunday directed officials to launch a stringent crackdown on shell companies and fraudulently registered firms, warning that any misuse of facilities meant for genuine traders was 'unforgivable'. Chairing a high-level review meeting of the state tax department here, he said tax evasion was a national crime that directly hindered development plans and welfare schemes. Yogi emphasised transparency, technological integration and strict enforcement to strengthen revenue systems. 'GST is a consumer-based tax system, and densely populated regions must reflect proportionate revenue. Underperformance in such areas is unacceptable,' the CM said. He instructed officials to prepare a special report on zones lagging behind headquarters-level collection benchmarks and submit it to the government for further action. Asserting that fraudulent registrations compromise the rights of honest taxpayers, the CM ordered that all newly registered firms undergo on-site verification. He said that any suspicious firms under the state GST regime should be thoroughly investigated with registration cancellations and FIRs in confirmed cases. Yogi also called for coordination with the Centre for cancellation of fake firms registered under the central GST. Officials informed the CM that GST and VAT collections for April and May had reached ₹18,161.59 crore—just over 10% of the ₹1,75,725 crore annual target for FY 2025–26. While he appreciated progress, the CM pushed for accelerated efforts to meet the full-year target. Yogi lauded 14 zones, including both Lucknow zones, Ayodhya, Bareilly, Agra, Ghaziabad, Gautam Buddh Nagar, Meerut, Jhansi and Saharanpur, for achieving 60% or more of their targets. However, he expressed dissatisfaction with low-performing zones like Varanasi-I, Prayagraj, Kanpur-II, Etawah, Aligarh, and Moradabad, where collections were under 50%, and ordered an immediate review. The CM also instructed additional, joint and deputy commissioners to directly interact with traders in these underperforming regions to promote compliance and strengthen trust in the tax system. 'Revenue is not just a number—it is the foundation of development,' the CM said, urging officials to carry out their duties with both accountability and sensitivity.
Hindustan Times
33 minutes ago
- Hindustan Times
G Square Group acquires 714-acre township project in Coimbatore for ₹707 crore
Chennai-based real estate firm G Square Group has acquired a 714-acre project from Rakindo's Kovai Hills project located in Coimbatore for ₹707 crore and will develop it as an integrated township, the company said. The Kovai Hills project, now rebranded as G Square Seven Hills, spans 714 acres with Phase 1 covering 406 acres and featuring 3,127 premium plots. The remaining 308 acres are designated for joint ventures with villa and apartment developers, as well as built-to-suit IT infrastructure projects, including commercial leasing and business parks, malls, and multiplexes, it said. Also Read: Hyderabad real estate: Are soaring property prices making it difficult for young techies to buy homes and get married? The township is located in Kovaipudhur near Madukkarai, along the Western Ghats and close to the Palakkad Gap. Spread across areas like Perur, Chettipalayam, Sundakkamuthur, and Theethipalayam, the site is naturally elevated and offers wide views of Coimbatore city, the company said. "Coimbatore's rapid growth and investor confidence make it the perfect market for our business plans. We are committed to strategic expansion and look forward to the next phase of growth for this project. G Square is also open to larger JV partners to participate in developing commercial and residential developments within this 714-acre township," Bala Ramajeyam, founder and managing director of G Square Group, said.
India Gazette
an hour ago
- India Gazette
German firms eye India for future tech collaborations in manufacturing sector
New Delhi [India], June 8 (ANI): As India is on the brink of becoming the fourth-largest economy in the current fiscal, an increasing number of German companies have ramped up their hunt for Indian partners with the intention of providing future technologies in the manufacturing sector. The German companies are looking for local partners to help Indian businesses in advancing production in areas such as green energy, semiconductor, and pharmaceutical sectors, among others. 'India is an important market; it's a growing market and has a huge amount of talent, and we are looking for talent because we are developing new technologies. We are the experts in the production field, and we are developing from the first sketch until the start of production. What we are doing here is we have invited our potential customers to this place (India),' said Rainer Wittich, CEO of EDAG Production Solutions GmbH & Co. KG. 'Many customers are going more and more into this activity. They want to build up the production areas more in the field of new technologies like green energy, electrolysers, semiconductors, and medicine pharma, and there we can help with our expertise,' Wittich added. The Indo-German Chamber of Commerce, in association with the Indian arm of Germany-based EDAG Group, organised an event to explore business partnerships with emerging local companies and talent to facilitate manufacturing. Talking to ANI during the event in New Delhi, Stefan Halusa, Director General at Indo-German Chamber of Commerce, said, 'So we're talking about smart factories, we're talking about smart people, we're talking about smart product development, and all of that contributes to the smart industry and for that we are getting very good responses because it gives a glimpse of what the industry could be like in a couple of years.' Answering the question of increased interest of German companies in India, Halusa said three factors are attracting German companies towards India, and they are local markets and economic growth, scale and capabilities of the economy. 'The first (factor) is the local market. The Indian economy is growing and it will continue to grow over the next couple of years. So if you look at growth around the world, India is one of the first and most important countries to look at. The second is scale. You look at India for export as well, to invest here also for exporting your goods and services, and the third one is the capabilities,' he added. Halusa further added that India has become a hub for research and development (R&D), which is another major factor towards the greater interest of German companies. 'A lot of global capability centres are here, so it becomes a hub for research and development and engineering, and this combination is unique, and this is why German companies are looking for growth around the world. This is why they come to India,' Halusa added. Going further, Halusa asserted that the German companies are waiting for the ongoing India-EU Free Trade Agreement (FTA) to be concluded, as Germany currently does not have an FTA with India. 'Our companies, of course, tell us that they're waiting for the FTA to be concluded because that could really be a game changer for German and European companies. Because India has already concluded trade agreements with a whole number of countries but not with Europe. So there is a risk for us to fall behind, and this is why it's so important for the German and European industry that actually now comes to a conclusion,' he added. The trade between two countries has reached USD 26.10 billion, with Indian exports at USD 9.83 billion in 2023-24. Indian imports from Germany reached USD 16.27 in FY24. Germany is currently the 10th largest trading partner in exports for India in April-October 2024. On the government front, leaders of both partner countries have underscored the crucial importance of a comprehensive Free Trade Agreement, Investment Protection Agreement and an Agreement on Geographical Indications between the European Union and India. (ANI)
