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10 crore fraud: Two raids in Delhi revealed that a hoax was being perpetrated under the pretext of GST return

Two youths cheated Rs 10 Crore under the pretense of GST returns. They were arrested by The Economic Offenses Wing. Two youths were arrested for cheating by filing false GST and VAT returns. They claimed that they were working with a company that had prepared fake documents. The Income Tax Department has suffered a loss of Rs 9.97 crore from the accused. The investigation has led to the discovery of more than 25 companies by police.

RK Singh, the Branch Additional Commissioner of Police, stated that the accused were Shubham Khandelwal and Pulkit, both residents of Rohini. He also claimed that Shubham Khandelwal is a resident from Devnagar in Sonipat. In 2018, the Trade and Tax Department filed a complaint against the branch stating that Saraswati Enterprises falsely claimed crores for Income Tax Credit (ITC). During the investigation, it was discovered that the firm had been registered with the VAT department under the name Sanjay Garg.

The department investigated and found no such company at the address. A fake bank account was also registered on the VAT registration form. After claiming the tax credit for 32 crores 42 lakh 49 000, the department became suspicious. The department checked the claim and discovered the fraud. The government suffered a loss amounting to Rs 9.97 crore, according to investigations.

The branch began an investigation. The police began an investigation and discovered that Shubham Khandelwal (and Pulkit Goyal) are the owners of M/s Saraswati Enterprises. He used to issue fake invoices for goods and collect VAT and GST through brokers, but he did not deposit them at the department. Also, the investigation revealed that the company hadn’t filed a VAT return. Both were taken into police custody after they raided the premises. Both of the accused were 12th-grade passable, but they both had good accounting knowledge.

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