Summary:
The Directorate General of Central Excise Intelligence, Ahmedabad, arrested one person on March 18 for fake invoicing goods worth Rs 280 crore and thereby fraudulently claiming input tax credit up to Rs 43 crore. The group companies in their books, claimed stock worth more than Rs 70 crore when the actual value of stock was less than Rs 20 crore,” the official added. “This enabled them to show a higher turnover, and allowed them to issue fake invoices of higher value. AdvertisingThe accused, Pranit Hem Desai, a director in Desai Group of Companies, is believed to be the mastermind. “An initial fake purchase of goods (metal and scrap) was shown by the Group, which was then moved circularly within five companies/firms in the group,” the official said..