Latest news with #YashwantKumarTailor
Hindustan Times
17 hours ago
- Business
- Hindustan Times
SGST dept arrests 2 firm directors in ₹50cr ITC fraud cases
Pune: The State Goods and Services Tax (SGST) department has arrested two company directors in separate cases of fraudulent Input Tax Credit (ITC) claims, collectively involving Goods and Services Tax (GST) evasion worth approximately ₹50 crore. SGST department has arrested two company directors in separate cases of fraudulent Input Tax Credit claims, collectively involving GST evasion worth approximately ₹ 50 crore. (AFP (PIC FOR REPRESENTATION)) Yashwant Kumar Tailor, director, Magic Gold Bullion Pvt. Ltd., was arrested on Saturday for allegedly availing ITC of ₹30.51 crore on the basis of fake invoices issued by non-existent firms between June 2020 and June 2025, according to release issued by SGST. 'Investigations revealed that the company had neither the infrastructure nor manpower to justify its declared turnover. Authorities noted that Tailor failed to appear before the department or produce requisite supporting documents,' SGST stated. In the second case, Om Jay Ramrakhiani, director, RFIC Trading Pvt. Ltd., was taken into custody on Saturday for his alleged involvement in fraudulent GST evasion exceeding ₹20.05 crore, the press release stated. The SGST department stated that both arrests are part of its ongoing crackdown on fake invoicing and fraudulent ITC claims, which cause revenue losses to the state exchequer.
Time of India
a day ago
- Business
- Time of India
Two company directors arrested in two separate tax fraud cases
Mumbai: Two company directors were arrested in separate cases for fraudulent Input Tax Credit (ITC) claims, collectively involving Goods and Services Tax (GST) evasion worth approximately Rs 50 crore. The case was registered by the State Goods and Services Tax (SGST) Department. In the first case, Yashwant Kumar Tailor, director of M/s Magic Gold Bullion Pvt Ltd, was arrested for allegedly availing ITC of Rs 30.5 crore based on fake invoices issued by non-existent firms between June 2020 and June 2025. Investigations revealed that the company lacked the infrastructure and manpower to justify its declared turnover. Authorities discovered that Tailor failed to appear before the department or produce the required supporting documents. In the second case, Om Jay Ramrakhiani, director of M/s RFIC Trading Pvt Ltd, was taken into custody for his alleged involvement in fraudulent GST evasion exceeding Rs 20.05 crore. You Can Also Check: Mumbai AQI | Weather in Mumbai | Bank Holidays in Mumbai | Public Holidays in Mumbai | Gold Rates Today in Mumbai | Silver Rates Today in Mumbai Stay updated with the latest local news from your city on Times of India (TOI). Check upcoming bank holidays , public holidays , and current gold rates and silver prices in your area.
Time of India
3 days ago
- Business
- Time of India
Mumbai GST fraud: 2 directors arrested; Rs 50 crore evasion uncovered
MUMBAI: The State Goods and Services Tax (SGST) department arrested two company directors in separate cases of alleged fraudulent Input Tax Credit (ITC) claims, involving a combined GST evasion of over ₹50 crore. In the first case, Yashwant Kumar Tailor, Director of M/s Magic Gold Bullion Pvt. Ltd., was arrested for allegedly availing ₹30.51 crore in ITC on fake invoices from non-existent firms between June 2020 and June 2025, without the actual receipt of goods or services. Investigators said the company had no infrastructure or manpower to justify its declared turnover, and Tailor failed to appear before the authorities or produce supporting documents. In the second case, Om Jay Ramrakhiani, Director of M/s RFIC Trading Pvt. Ltd., was held in connection with alleged GST evasion of over ₹20.05 crore. You Can Also Check: Mumbai AQI | Weather in Mumbai | Bank Holidays in Mumbai | Public Holidays in Mumbai | Gold Rates Today in Mumbai | Silver Rates Today in Mumbai Officials said the firm received ₹3.73 crore in ineligible ITC from M/s Bharat Metal Corporation, which in turn sourced from multiple bogus entities with cancelled GST registrations. A search found RFIC Trading's registered address to be a residential property with no business records. Authorities allege the transactions involved fake invoices and fraudulent ITC adjustments with no actual cash payments. Both accused were remanded to judicial custody for further investigation. Stay updated with the latest local news from your city on Times of India (TOI). Check upcoming bank holidays , public holidays , and current gold rates and silver prices in your area. "Get the latest news updates on Times of India, including reviews of the movie Coolie and War 2 ."
Time of India
4 days ago
- Business
- Time of India
Two Mumbai bizmen arrested for Rs 50cr GST evasion
Mumbai: The State Goods and Services Tax (SGST) department arrested two company directors in separate cases of alleged fraudulent Input Tax Credit (ITC) claims, involving a combined GST evasion of over Rs 50 crore. In the first case, Yashwant Kumar Tailor, director of Magic Gold Bullion Pvt Ltd, was arrested for allegedly availing Rs 30.51 crore in ITC on fake invoices from non-existent firms between June 2020 and June 2025, without the actual receipt of goods or services. Investigators said the company had no infrastructure or manpower to justify its declared turnover, and Tailor failed to appear before the authorities or produce supporting documents. In the second case, Om Jay Ramrakhiani, director of RFIC Trading Pvt Ltd, was held in connection with alleged GST evasion of over Rs 20.05 crore. Officials said the firm received Rs 3.73 crore in ineligible ITC from Bharat Metal Corporation, which in turn sourced from multiple bogus entities with cancelled GST registrations. A search found RFIC Trading's registered address to be a residential property with no business records. Authorities allege the transactions involved fake invoices and fraudulent ITC adjustments with no actual cash payments. You Can Also Check: Mumbai AQI | Weather in Mumbai | Bank Holidays in Mumbai | Public Holidays in Mumbai | Gold Rates Today in Mumbai | Silver Rates Today in Mumbai Both accused were remanded to judicial custody for further investigation. Stay updated with the latest local news from your city on Times of India (TOI). Check upcoming bank holidays , public holidays , and current gold rates and silver prices in your area.
