Phantom Firm Fraud: The Fake Tax Credit Scandal Uncovered

Akhilesh Sharma, proprietor of the alleged non-existent Sharma Enterprises, was booked for causing a revenue loss of Rs 6.59 crore by fraudulently availing input tax credits. The bogus claims were discovered after an investigation by state tax officials. Police have begun probing the matter.

A proprietor of an allegedly non-existent company, Akhilesh Sharma, has been booked for causing a significant revenue loss due to fraudulent tax activities. The police action follows a complaint lodged by State Tax Officer Sikandar Verma.

An official investigation revealed that Sharma fraudulently acquired an input tax credit, resulting in a Rs 6.59 crore loss of revenue. The firm was claimed to be operating under fake documentation without any real exchange of goods.

The firm's GST registration was canceled soon after discovery. Police have launched a detailed investigation to probe the extent of the fraudulent transactions involved.

(With inputs from agencies.)