GST: Raigad's Couple arrested for GST Fraud of Rs.6 Crore:

GST: Raigad's Couple arrested for GST Fraud of Rs.6 Crore The State Cell department's GST cell has arrested a couple from Khalapur, Raigad, in connection with an alleged Rs.6.4 crore fraud. Accused Kamlesh and Bhavna Jain are directors of Monopoly Innovation Private Limited, which is based in Khalapur. Their lawyer, Ravi Hirani, however, argued that the input tax credit is Rs.5 crore and that the case is bailable. Pravin Modi, the Additional Chief Metropolitan Magistrate, placed both of them in judicial custody until April 29. In Another case, The officers of DGGI Patna Zonal Unit brought to book two masterminds of a massive Input Tax Credit (ITC) fraud in Jharkhand. For the purpose of availing and passing on fake ITC, the masterminds had created more than 50 entities, mostly in Jharkhand, in the name of his employees without their knowledge. They obtained the identity documents of these unsuspecting persons on the pretext of giving employment and used these papers to create bogus firms and open bank accounts in their names without their consent and knowledge. Using this modus, the duo availed inadmissible ITC of more than Rs. 300 Crores.