Punjab: 3 held in Rs 100 cr bogus billing scam

Three persons were arrested in connection with the issuance of fake invoices and passing the bogus input tax credit to various firms to the tune of Rs 100 crore, an official statement said on Wednesday.

The arrested persons were identified as Rajinder Bassi, proprietor of Tarun steel industries, Tarun Bassi, proprietor of Broadways sales corporation and Manish Paul, proprietor of Fortune alloys and metals, as these were major kingpin of tax evasion scam.

The Punjab GST Department unearthed that three firms of Mandi Gobindgarh, who had in connivance with each other issued fake invoices worth Rs 100 cr involving tax of Rs 19.83 crore

In all these firms, there was a cash withdrawal from various banks worth Rs 96.24 cr. These firms have issued bills without actual movement of goods and there is a direct loss to State exchequer of Rs 19.83 cr, it said.

After medical examination, the trio was presented before Duty Magistrate who has sent them to judicial custody for 14 days.

Account books, laptop and mobile phones from the business premises and residence of the accused were seized by the GST department.