Chartered Accountant Booked in ₹560 Crore Fake Billing Scam in Jamnagar

Chartered Accountant Booked in ₹560 Crore Fake Billing Scam in Jamnagar

A Chartered Accountant (CA) in Jamnagar has been formally booked by tax authorities for alleged involvement in a massive Goods and Services Tax (GST) fake billing and fraudulent Input Tax Credit (ITC) racket.

Key Details of the Allegations

• Scam Amount: The fraud is estimated to involve transactions totaling approximately ₹560 crore.
• Accused’s Role: The CA is alleged to have been actively involved in orchestrating the fake billing scheme, typically by creating and operating shell entities and issuing invoices for the supply of goods or services that never actually took place.
• Modus Operandi: The primary objective of the scam was the illegal generation and wrongful utilization of Input Tax Credit (ITC) based on these fictitious transactions, causing a huge loss to the state exchequer.
• Official Action: Tax officials have lodged a formal complaint and initiated proceedings against the CA and other associated individuals under the relevant sections of the GST Act and other applicable laws.