Mumbai Businessman held for 92.45 crore ITC fraud granted bail
Shah, proprietor of Heavy Engineering Products and operator of AK International Engineering, was arrested on July 17, for allegedly availing fraudulent ITC through bogus invoices and non-existent transactions during 2018–2019.
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"Considering the stage of investigation, I think no purpose would be served by keeping the applicant/accused behind bar till submission of charge-sheet/complaint. So far as apprehension regarding tampering the evidence or fleeing from justice is concerned stringent conditions can be imposed against the accused. Thus considering the circumstances on record accused is seems to be entitle for bail." stated S k Fokmare 19th Metropolitan Magistrate.
According to the prosecution, Shah used multiple firms to generate fake purchase invoices and claim ineligible ITC without actual supply of goods. Investigators alleged that the fraudulent ITC was used to offset GST liabilities, causing significant revenue loss to the government. Shah's lawyer Sujay Kantawala argued that Shah has no prior criminal record and has been cooperating with the investigation, including making a voluntary tax payment of Rs 1.66 crore.
The magistrate also noted that the transactions in question took place over six years ago and that further custodial interrogation was not necessary.
Granting bail, the court directed Shah to furnish a personal bond of Rs 2 lakh with sureties.
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