The UP Cyber Crime officials discovered a Rs 1,915 crore fake GST billing scheme extending across over 650 fictitious organizations. The enterprises accused of tax evasion engaged in circular trade and generated fake invoices in order to claim the fraudulent input tax credit and escape taxes.
The companies would produce forged or exaggerated invoices while providing no items. Cash was used to settle all unaccounted transactions. The police have arrested a scammer in connection with the case.
The government made e-way bills essential for transportation. This aided the agency in obtaining information about each purchase. Scammers devised a means for transporting things by manipulating systems and generating fake e-way bills. They intended to conceal the true identities of the parties involved.
Scammers used OTP in the online process, a mobile number and an e-mail address. Scammers used the names of shell firms to represent fake purchases and transactions in order to escape GST in the millions of rupees and causing a loss to state exchequer.
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