Meerut Accountant Accused in Rs 65.5 Crore Income Tax Refund Scam:

The income tax department has come to know about a scam related to tax refunds that has been conducted by a woman aged 30 years living in a slum in Meerut. As per the reports of the officials, Nancy Agrawal had made a tax deduction claim worth Rs 357 crores for the past three years. On the basis of such a fake claim, she facilitated 3,000 Indians in getting a tax refund worth Rs 65.5 crores.

It is one of the most significant cases of income tax fraud ever unearthed. As per reports of the Income Tax Department, the accused had set up the scam operation from a tiny 25-square-yard house in Meerut and developed an extensive clientele base in multiple states. The accused is believed to have made use of the tax deductions provision available for making political contributions by filing bogus claims. Legal proceedings have already been initiated against her by the department, while notices are being served to those who received the refunds.

Nancy Agrawal was an accountant employed in a small firm. As per the investigators, Nancy exploited the loopholes in the income tax system by virtue of her knowledge about the same.

It has been alleged that during the last three years, Nancy abused Section 80GGC of the Income Tax Act, wherein taxpayers can get tax deductions for donating to recognised political parties.

It is said that Agrawal ran the whole scam operation out of her residence at Meerut, which was shared with her family members, including her father, mother, and little brother. Even though Agrawal worked from a modest house, she managed to build a clientele across the country.

As per the investigations, Agrawal managed to draw salaried individuals through referral discounts. The existing clientele got a discount on referrals.

Raids were carried out by the Income Tax Department at four places connected with Agrawal on Tuesday. While carrying out raids, officials even checked two lockers belonging to her in the bank.

The searches yielded recovery of Rs 5 lakh cash and fixed deposits of Rs 4 crore.

Several documents and data were seized from the investigation, such as handwritten ledgers, computers and laptops, which carried information regarding Agrawal’s client base.

The Income Tax Department has initiated legal action against Agrawal and is issuing notices to the people who had been duped of their money via fraudulent refunds.

As per reports, the majority of his clientele comprised salaried individuals who fell into the trap of obtaining more deductions from taxes.