Two persons hailing from Rajasthan have been arrested for allegedly issuing fake bills to traders of iron and steel industry and causing loss of several crores of rupees to the exchequer, CB-CID said today.
Acting on a complaint, CB-CID formed several teams to nab the suspects involved in issuing fake bills in the name of a "defunct" company to various dealers engaged in the iron and steel industry.
By issuing such fake bills, the merchants were able to reduce their tax liability thereby defrauding government revenue running into crores, a CB-CID release said.
After undertaking raids and seizing documents, bank statements, registration certificates, CB-CID police arrested 26-year-old Budhmal alias Gupta and Malaram (40), both hailing from Rajasthan, yesterday.
"Both these persons, now residents of Chennai, were found to be the brain behind the fake bill racket causing revenue loss running into crores of rupees to the Government," it said.
