Noida News: Noida police have arrested four more individuals in connection with a multi-crore GST fraud case, bringing the total number of arrests to 29. The gang allegedly generated fake invoices and availed Input Tax Credit (ITC) from the government, causing significant financial losses. The accused were found in possession of 54 SIM cards, 41 forged stamps, 18 counterfeit Aadhaar cards, 16 fake PAN cards, and 20 bank chequebooks, among other incriminating items.
Extended Network Uncovered
These latest arrests are part of the extended team associated with a larger group allegedly orchestrating the scam. Law enforcement officials disclosed that they have been conducting raids in various districts, leading to the apprehension of individuals linked to the fraudulent scheme.
Modus Operandi and Recovery
The gang, utilizing fake firms, engaged in the creation of e-way bills to fraudulently claim Input Tax Credit (ITC) or GST refunds from the government. The recovered data includes details of 250 bogus companies involved in this illicit activity. Additionally, a significant sum of Rs 3 crore in eight bank accounts, connected to the accused, has been frozen.
International Connections and Shell Companies
Some of the shell companies presented documentation indicating involvement in import-export businesses with firms based in countries such as Singapore, Vietnam, Taiwan, Thailand, and the Philippines. The Deputy Commissioner of Police (DCP), Harish Chander, highlighted the sophisticated nature of the fraudulent operation.
Leadership Identification and Absconding Accused
The alleged mastermind, Nishant Agarwal, identified as the team leader, is currently on the run, with possible relocation to Mumbai. Nishant played a pivotal role in establishing bogus companies, utilizing data from earlier cases. The gang reportedly generated fake bills totaling Rs. 70-80 lakh daily.
Significant Financial Impact
The police have successfully frozen ITC worth Rs. 4,000 crore claimed on behalf of bogus companies in a previous case. The ongoing investigation has uncovered approximately 3,350 bogus companies, with financial transactions exceeding Rs 15,000 crore.
Legal Action and Rewards
An FIR has been registered under relevant IPC sections, including cheating, forgery, and criminal conspiracy. The police have declared a reward of Rs 25,000 each for the nine accused who remain at large.
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