Fake ITC Documents: Noida Police Issues Non-Bailable Warrant Against 10 People for Defrauding Govt of ₹15000 Crore
The Noida police have issued non-bailable warrants against 10 people for their involvement in a major fraud scheme that defrauded the government of ₹15000 crore. The fraudsters are accused of creating fake ITC (Input Tax Credit) documents to claim refunds from the government. The accused individuals are believed to have operated through multiple shell companies and used these fake documents to claim input tax credit for transactions that never took place.
Accused Operated Through Shell Companies
The accused individuals, whose identities have not been disclosed, are alleged to have used a network of shell companies to carry out their fraudulent activities. These shell companies were created solely for the purpose of generating fake invoices and ITC documents. By using these documents, the fraudsters were able to claim refunds from the government for taxes that were never paid.
Modus Operandi of the Fraud
The fraudsters would first establish shell companies and provide them with fake invoices for non-existent transactions. These invoices would then be used to generate ITC documents, which were submitted to the government for refund claims. The government would process these claims and issue refunds based on the fake documents. It is estimated that the total amount defrauded from the government through this scheme is ₹15000 crore.
Investigation and Non-Bailable Warrants
The Noida police have been conducting a thorough investigation into the fraud scheme and have identified 10 individuals who are believed to be the masterminds behind the operation. Non-bailable warrants have been issued against these individuals, and efforts are underway to apprehend them. The police are also working to uncover the network of shell companies and identify any other individuals who may be involved in the fraud.
News Summary:
- Noida police issue non-bailable warrants against 10 individuals for defrauding the government of ₹15000 crore through fake ITC documents.
- Accused individuals operated through a network of shell companies to generate fake invoices and claim refunds.
- Modus operandi involved creating non-existent transactions and submitting fake ITC documents to the government.
- Investigation underway to apprehend the masterminds and uncover the entire network of shell companies.
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