ED cracks down on ₹650 crore fake ITC scam, raids in five states
THE JHARKHAND STORY DESK Advertisement New Delhi, Sept 11: The Enforcement Directorate (ED) on Thursday mounted a large-scale operation across Arunachal…
THE JHARKHAND STORY DESK
New Delhi, Sept 11: The Enforcement Directorate (ED) on Thursday mounted a large-scale operation across Arunachal Pradesh, Haryana, Delhi, Tamil Nadu, and Telangana, targeting a suspected ₹650 crore fake Input Tax Credit (ITC) scam.
Acting on intelligence shared by the Goods and Services Tax (GST) authorities, the ED launched coordinated raids with state police forces to trace those allegedly behind the fraudulent network.
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According to officials, the case involves firms accused of generating bogus invoices to wrongfully claim ITC without any genuine movement of goods or services.
Investigators believe such scams not only inflict heavy losses on the public exchequer but are often tied to shell companies, money laundering channels, and parallel chains of fictitious transactions.
The searches, conducted under the Prevention of Money Laundering Act (PMLA), began early in the morning at the premises of several suspects. The ED’s Guwahati zone is spearheading the crackdown and is expected to probe the ultimate beneficiaries of the racket.
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Fake ITC frauds have become a recurring challenge for enforcement agencies. In earlier cases, fraudsters created webs of paper companies to illegally pass on tax credits, masking the flow of illicit funds.
Officials said Thursday’s action is intended to expose the full scale of this network and bring those involved to book.
