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Three arrested for fraudulently claiming Rs 12.9 cr ITC

31/12/2020 at 10:00 PM

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New Delhi, Dec 31: The Directorate General of GST Intelligence (DGGI), North Zone, Gurugram has arrested three persons — Alok Bhargava and his sons Akul and Atin Bhargava, owners of Delhi Foils, Abinox Industries and Matalax Industries, Wazirpur, New Delhi, for fraud.

A Finance Ministry statement said that the firms had fraudulently taken cumulative Input Tax Credit (ITC) of Rs 12.90 crore, involving invoice value of around Rs 72 crore, on the strength of invoices issued by non-existent firms without the actual receipt of material with an ulterior motive to defraud the government exchequer.

“Thus, Alok Bhargava and his sons Akul and Atin Bhargava, have committed an offence under the provisions of Section 132 (l) (c) of the CGST Act, 2017 which are cognizable and non-bailable offence under Section 132(5) of the CGST Act,2017 being punishable under Section 132 (1) (i) of the CGST Act, 2017,” it said.

The three accused were arrested on Wednesday, following which they were produced before the Metropolitan Magistrate, Patiala House Court, who sent them to judicial custody for 14 days.

Further investigation in the matter is in progress, said the statement.


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