Mumbai, 7 March 2024

 

The officers of Investigation Wing of CGST Palghar Commissionerate, Mumbai Zone have busted a fake invoice racket that involved availment and passing of ineligible ITC to the tune of Rs. 25.73 Cr & Shri Kiran Kantharia has been arrested on 06.03.2024.

An investigation was initiated against Hacnup Trading (OPC) Private Limited based on the intelligence developed. During the course of investigation, the firm was found to be non-existing. Shri Nilesh B. Shah, Director of the aforesaid firm admitted that he was involved in the creation of Hacnup Trading (OPC) Private Limited and multiple other fake firms that are involved in the availment and passing of ineligible ITC on the instructions of Shri Kiran Kantharia and Shri. Manish Shah.

Shri Kiran Kantharia was traced and his statement dated 06.03.2024 was recorded wherein he admitted that he was involved in the creation of multiple fake firms that are involved in generating fake invoices with a sole intent to avail and pass on fraudulent ITC. He further stated that he used to create the aforesaid firms on the directions of Shri Manish Shah.

Further, it was found that the fake firms created by Shri Kiran Kantharia, have passed on ineligible ITC to the tune of Rs. 11.02 Cr and availed ITC amounting to Rs. 14.70 Cr on the strength of fake invoices without supply of goods and / or services.

Based on material evidences gathered during the investigation, Shri Kiran Kantharia was arrested on 06.03.2024 under the provisions of section 69 of the CGST Act, 2017 for contravention of section 132 of the CGST Act, 2017.

 

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(Source: CGST& Central Excise Palghar Commissionerate) | PIB Mumbai | NJ/DR

 

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