Summary:
Chennai: Chennai Outer CGST Commissionerate's Enforcement and Compliance Management (ECM) has busted a fraud by a seven-member gang including a tax consultant from the city. An official statement here said the accused were involved in floating 24 fictitious companies. They issued fake invoices to the tune of Rs 299 crore from these companies and allegedly passed on illegal and unlawful Input Tax Credit to the extent of Rs 53.35 crore to other companies. The accused who were arrested reportedly admitted to committing the fraud the statement said and added that they were sent to judicial custody after being produced before a court in Egmore..