GST officials seize Rs 1.7 crore from a private bank locker
During the course of a follow-up investigation, officers from the Directorate General of GST Intelligence (DGGI), Visakhapatnam, have seized cash worth Rs 1.7 crores from the locker of a private bank in Guntur. The seized currency was in bundles of Rs 2,000 denominations
The bank locker is related to an ongoing investigation against a bill trading mastermind who was earlier arrested for his involvement in running a massive fake invoice racket.
During the course of the investigation, the mastermind was found to have been involved in floating close to 90 shell companies to generate fake invoices valued at Rs 425 crores.
The total tax defraud in this racket is to the tune of Rs 75 crores and Rs 40 crores has already been recovered by the DGGI.
In addition to the cash, several incriminating documents were also seized. Further investigation is in progress.
