Officers of directorate general of GST Intelligence (Hyderabad zone) arrested two businessmen who were running firms involved in fake invoices racket. DGCI carried out simultaneous searches at several offices and residences of owners of suspected entities and busted the module. GST sleuths seized several incriminating documents including copies of fake invoices issued on letterheads of the firm. The companies exist merely on paper, the investigation revealed.
The duo, identified as Rahul Seth and Bhavish Seth, was produced before a special judge for the economic offense on Tuesday and were remanded to judicial custody for 14 days. The accused had colluded with Maharashtra-based companies to procure fake invoices without a supply of goods to the tune of Rs 64 crore involving GST input tax credit of Rs 11.5 crore.