The State Goods and Services Tax (SGST) department arrested two company directors in separate cases of alleged fraudulent Input Tax Credit (ITC) claims, involving a combined GST evasion of over Rs 50 crore.
In the first case, Yashwant Kumar Tailor, director of Magic Gold Bullion Pvt Ltd, was arrested for allegedly availing Rs 30.51 crore in ITC on fake invoices from non-existent firms between June 2020 and June 2025, without the actual receipt of goods or services. Investigators said the company had no infrastructure or manpower to justify its declared turnover, and Tailor failed to appear before the authorities or produce supporting documents.
In the second case, Om Jay Ramrakhiani, director of RFIC Trading Pvt Ltd, was held in connection with alleged GST evasion of over Rs 20.05 crore. Officials said the firm received Rs 3.73 crore in ineligible ITC from Bharat Metal Corporation, which in turn sourced from multiple bogus entities with cancelled GST registrations. A search found RFIC Trading’s registered address to be a residential property with no business records. Authorities allege the transactions involved fake invoices and fraudulent ITC adjustments with no actual cash payments.
Both accused were remanded to judicial custody for further investigation.
Source #TOI
