Business Standard

IT detects Rs 18,000 cr bogus billing scam

IANS  |  New Delhi 

In a major crackdown on black and transactions, the Income Tax (IT) Department has detected Rs 18,000 crore bogus in the national capital, officials said on Monday.

A senior said the department had carried out a series of searches and surveys for the past few weeks and busted three group operators indulging in the business of providing bogus entries and transactions.

He said one such survey on a group in central Delhi's Naya Bazar led to the detection of over Rs 18,000 crore bogus billing. The group had floated 12 bogus entities for providing fake bills, he said.

Explaining break-up of bogus entries, the said about 1,462 people/firms benefited by showing bogus entries of over Rs 8,211 crore through sales, while over Rs 5,590 crore was detected with 1,095 beneficiaries through purchases.

Another bogus entries of over Rs 3,851 crore through consignment of goods by 299 beneficiary firms was also detected.

In an another case, a highly organised laundering racket was unearthed wherein current transactions in well-known shares were fraudulently camouflaged as being sales of old shares for years.

"In this way, the beneficiaries have been found claiming bogus long-term capital gains," he said, adding the magnitude of the scam unravelled so far has crossed Rs 1,000 crore. "This figure appears to be tip of the iceberg and this kind of transaction has been going on for years."

The also said searches and surveys on a third group involved in transactions and laundering led to detection of and a well-established racket of claiming bogus duty draw back/goods and services tax (GST) through over-pricing of exports.

"The preliminary estimates of such exports are more than Rs 1,500 crore," he said.

"Evidence of arranging foreign trips and foreign currency for people on foreign trips have also been found," he added.



(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, February 11 2019. 20:38 IST