Latest news with #AboobakrSiddiqueSyed
Time of India
24-05-2025
- Business
- Time of India
DGGI unveils 643 cr GST fraud, prime accused held
Visakhapatnam:In a major operation, officers from the Directorate General of GST Intelligence (DGGI), Visakhapatnam zonal unit, apprehended an individual involved in a 643.81 crore fraudulent invoice scheme. Tired of too many ads? go ad free now The fraud resulted in a 115.88 crore loss to the govt treasury through unlawful GST input tax credit claims. The suspect allegedly set up shell companies using misappropriated identities, executing fraudulent operations across Andhra Pradesh, Tamil Nadu, and Karnataka. According to the additional director of DGCI-Visakhapatnam zonal unit, N Mohammad Ali, the accused generated unauthorised input tax credit claims and issued false invoices without actual goods or services transactions to unlawfully reduce GST obligations. The perpetrator established over 302 fictitious firms using stolen identities, enabling recipient companies to avoid tax payments and misappropriate substantial funds from the public treasury. DGGI Visakhapatnam Zonal Unit's investigation revealed a web of non-existent businesses that were registered solely for issuing fraudulent invoices and claiming unwarranted tax credits. Following operations across Andhra Pradesh, Karnataka, and Tamil Nadu, authorities arrested the primary suspect, Aboobakr Siddique Syed, a resident of Pernambut in Vellore, in Bengaluru under section 69 of the CGST Act-2017.
Hans India
24-05-2025
- Business
- Hans India
Key suspect arrested for creating bogus invoice worth hundreds of crores of rupees
Visakhapatnam: In a significant breakthrough, officers of the Directorate General of GST Intelligence (DGGI), Visakhapatnam zonal unit, arrested an individual, who allegedly generated bogus invoices worth Rs 643.81 crore, responsible for a massive Goods and Services Tax (GST) input tax credit fraud, leading to a loss of Rs 115.88 crore to the government exchequer. The accused is believed to have masterminded a complex scheme involving creation of shell entities, companies using stolen identities of unsuspecting individuals, operating his network in the states of Andhra Pradesh, Tamil Nadu and Karnataka. The fraud was orchestrated by the accused to generate fraudulent input tax credit claims, which were subsequently passed on to other businesses by generating bogus invoices without underlying supply of goods or services, to illegally reduce GST liabilities. The accused created more than 302 firms with the stolen identities, allowed the receiving firms of these invoices to evade tax payments and divert substantial sums of money by defrauding the public exchequer. The investigation led by the DGGI Visakhapatnam zonal unit, uncovered a network of fake businesses that existed only on paper. These companies did not conduct any legitimate business activities but were utilised as vehicles for issuing false invoices and claiming unearned tax credits. Following search operations in Andhra Pradesh, Karnataka and Tamil Nadu, the authorities arrested the accused and the key suspect, Aboobakr Siddique Syed, in Bengaluru, under section 69 of CGST Act-2017. After taking a transit remand, the accused, native of Pernambut, Vellore, was brought to Visakhapatnam and produced before the Special Judge Economic Offences Court, Visakhapatnam. The court has remanded the person to judicial custody for 14 days. Further investigation is under progress.
The Hindu
23-05-2025
- Business
- The Hindu
DGGI Visakhapatnam unit arrests a man from Tamil Nadu on charge of generating fake invoices worth ₹643.81 crore
Director General of GST Intelligence (DGGI) Visakhapatnam Zonal Unit, arrested Aboobakr Siddique Syed, a native of Pernambut, Vellore, who was allegedly involved in generating fake invoices worth ₹643.81 crore, responsible for a massive Goods and Services Tax (GST) input tax credit fraud, causing a loss of ₹115.88 crore to the government exchequer. As per a release from the officials on Friday, the accused is believed to have masterminded a complex scheme involving the creation of shell entities/companies using stolen identities of unsuspecting individuals, operating his network in the States of Andhra Pradesh, Tamil Nadu and Karnataka. The accused created more than 302 firms with the stolen identities and allowed the receiving firms of these invocies to evade tax payments and divert substantial sums of money by defrauding the public exchequer. The investigation led by the DGGI Visakhapatnam Zonal Unit, uncovered a network of fake businesses that existed only on paper. These companies did not conduct any legitimate business activities but were utilised as vehicles for issuing false invoices and claiming unearned tax credits. Following search operations in Andhra Pradesh, Karnataka and Tamil Nadu, the authorities acted swiftly, and arrested the accused, under Section 69 of CGST Act-2017. After taking a transit remand, the accused was brought to Visakhapatnam and produced before the Special Judge Economic Offences Court, Visakhapatnam. The court has remanded the person to judicial custody for 14 days. Further investigation in the case in under progress.
