Two company directors were arrested in separate cases for fraudulent Input Tax Credit (ITC) claims, collectively involving Goods and Services Tax (GST) evasion worth approximately Rs 50 crore. The case was registered by the State Goods and Services Tax (SGST) Department.
In the first case, Yashwant Kumar Tailor, director of M/s Magic Gold Bullion Pvt Ltd, was arrested for allegedly availing ITC of Rs 30.5 crore based on fake invoices issued by non-existent firms between June 2020 and June 2025. Investigations revealed that the company lacked the infrastructure and manpower to justify its declared turnover. Authorities discovered that Tailor failed to appear before the department or produce the required supporting documents.
In the second case, Om Jay Ramrakhiani, director of M/s RFIC Trading Pvt Ltd, was taken into custody for his alleged involvement in fraudulent GST evasion exceeding Rs 20.05 crore.
Source #TOI
