The GST and Central Excise Department, Chennai North, has arrested a 58-year-old director of a metal scrap trading firm in Chennai for committing GST credit fraud to the tune of ₹26 crore.
This is the fifth such arrest made by the Department.
The arrested person was produced before the Additional Chief Metropolitan Magistrate, Egmore, and later remanded in custody till January 4.
According to a press release, he was the main beneficiary of the fraud. By colluding with fictitious companies, he obtained bogus tax invoices without receiving any goods or services.