A Delhi businessman was nabbed from Chandigarh for a fake tax credit of Rs 128 crore

The villain was in the business of readymade garments, chemicals and cigarettes

Chandigarh: Intelligence officials of the GST (Goods and Services Tax) department have nabbed a Delhi businessman for allegedly defrauding him of Rs 128 crore in ITC (input tax credit).

An investigation by the officials of the Chandigarh zonal unit of the Director General of GST revealed that the accused was paying the bill without purchasing the goods. In this way, it benefited various beneficiaries of ITC in some places, including Delhi and Chandigarh. The accused had set up six firms with the intention of giving the benefit of fake ITC to many beneficiaries.

He thus fraudulently gave the benefit of Rs 128 crore ITC to others. GST officials conducted a 'search' at the accused's business centers and residences in Delhi and Himachal Pradesh. Some supplier premises were also raided. The accused was a dealer in readymade garments, chemicals and cigarettes.