In a significant breakthrough, the Central GST (CGST) and Central Excise team in Agra have successfully apprehended Akshay Goyal, the mastermind behind a massive GST fraud amounting to Rs 755 crore. Goyal, who had been residing on rent in Kamla Nagar, Agra, is accused of orchestrating a complex scheme by issuing fake invoices through 227 fictitious companies.
Akshay Goyal Apprehended by CGST and Central Excise Team in Agra
Akshay Goyal’s fraudulent activities involved the creation of a network of fake firms using PAN cards and Aadhaar numbers of family members, employees, and friends. The syndicate operated through shell companies, facilitating circular trading without actual goods transactions. Goyal managed to claim Input Tax Credit (ITC) of Rs 134 crore based on these deceitful invoices for products like scrap, cement, tiles, and ceramics.
The CGST Commissioner, Sharad Srivastava, revealed that the team had been closely monitoring the ITC claims of fake companies. The investigation led to simultaneous searches at various premises and residential addresses in several states, including Rajasthan, Delhi, Agra, Gujarat, and Madhya Pradesh, resulting in the busting of the fake firm module.
Akshay Goyal’s Network of Fictitious Companies Exposed in Agra
During the search operations, incriminating evidence such as fake invoices, bank passbooks, rubber stamps, and mobile phones were seized from Akshay Goyal’s residence. Moreover, the bank accounts related to the fraudulent firms and individuals associated with the syndicate have been attached.
The offense of running bogus companies, issuing fake invoices, and claiming ITC is non-bailable under the provisions of the GST Act 2017. The arrest of Akshay Goyal marks a significant step towards combating GST fraud and ensuring accountability for financial misdeeds in the region.