Hyderabad: Sleuths from Directorate General of GST Intelligence-Hyderabad- arrested P V V Satyanarayana , director of a private limited company in a fake invoice scam that reportedly runs to Rs 69 crore. The accused is a chartered accountant, who issued fake invoices.
The sleuths were acting on intelligence inputs against firms indulging in fake invoices. A probe revealed that P V V Satyanarayana had issued fake bills to the tune of Rs 69 crore.
Searches were carried out at 12 premises in Hyderabad. They busted a module involved in issuing invoices without supplying any goods. The officials seized several incriminating documents, including copies of fake invoices, issued on the letterheads of various firms, which existed merely on paper.
‘ The key operator for these firms, is a chartered accountant, who organized paper invoices for work-contract services and LED electrical equipment, two widely diverging businesses. In one of the entities controlled by him, he has issued fake invoices, which enabled the recipient companies to utilize the same to bolster their profits. The accountant seems to have indulged in several transactions involving circular trading to boost turnover officially’ said GST officials.
Notably, the ‘beneficiaries’ include some of the leading infrastructure companies in the country.
The GST sleuths have provisionally attached three bank accounts of the firm. Later, he was arrested and remanded to judicial custody.