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.

 

Coreena Suares

Coreena Enet Suares is the Editor of NewsMeter. Her stories have been published in the Deccan Chronicle Newspaper and the Asian Age. Coreena began her career as a News Anchor. Throughout her journey, she has been able to build a strong network with people from all walks of life. She is an alumnus of Edward R. Murrow Program for Journalists- Research and Investigation, a flagship initiative of the International Visitor Leadership Program (IVLP)

Coreena is also a certified fact-checker by Google India Initiative. She has attended the 'Defence Correspondents Course 2019, through which she visited Indo- Pak border, besides traveling on a War-ship and insight into operations of Fighter aircraft. Coreena's focus areas are anti-crime investigation agencies and Defence reporting.

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