Acting on specific intelligence, officers of the Central GST Commissionerate, Ludhiana conducted multiple searches across the city and unearthed a fake invoicing racket valued at ₹455 crore in the iron and steel trade.
Investigators said three linked firms—M/s Vasu Multimetals, M/s SVM Multimetals Pvt Ltd, and M/s Ingottastic LLP—availed bogus invoices and utilised ineligible input tax credit (ITC) worth ₹69.41 crore to offset GST liabilities, causing a significant revenue loss. A father-son duo alleged to be operating and controlling the entities has been arrested under provisions of the Central GST Act, 2017, and remanded to judicial custody.
Officials said an inquiry is underway to map the full network, trace beneficiaries and identify any additional firms involved in availing or passing on the fake ITC.
Also read: ₹500 crore GST fraud busted in Guwahati, four arrested
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