Mumbai Based CA arrested for Rs 92 crore fraud in generating Fake ITC

Mumbai Based CA arrested for Rs 92 crore fraud in generating Fake ITC A Chartered Accountant was detained on Tuesday by officers from the Central Goods and Services Tax (CGST), Thane (Rural) Commissionerate, for allegedly producing bogus Input Tax Credit (ITC) worth Rs 92 crore, involving a fake invoice worth over Rs 500 crore and no real receipt of goods. Vikram Jain, the accused, lives in Borivali (west). According to sources, the accused created a company called M/s Shraddha Electrical in Ambernath, Thane, using the identity of a housewife. Officials stated a group of people, including Jain, had been producing false ITC and passing it on downstream without any goods movement. Officers apprehended Jain after determining that he had broken the terms of Section 132 of the CGST Act. He has been remanded in judicial custody.