Most gift cards were purchased from two companies in Hyderabad
The Rs 1,500 crore gift card of the products and Services Tax (GST) has been exposed during a fake fraud case. The investigation has revealed that Hisar firms bought most of the cards from two companies in Hyderabad (Telangana). Both Telangana companies also as banks have come under scrutiny. Investigating officers summoned officials of both companies on July 6 but didn’t arrive. Therefore, a summons is issued to the officers of the businesses by email to hitch the investigation till next week.
According to Vijay Mohan Jain, Commissioner of GST Rohtak Commissionerate, details of the firms are extracted. Citing the preliminary investigation, things won’t be clear until the businesses in Hyderabad will cooperate within the investigation. Only after investigation, it’ll be clear how the gift cards found in banks reach such an outsized number of companies. How did Hisar firms buy gift cards on such an outsized scale? within the event of the businesses getting cooperation within the investigation, the sources of getting the gift card also will be known. Earlier, the summons was sent to the businesses concerned by e-mail. During that point, companies had cited problems in traffic thanks to Corona infection. On the opposite hand, the authorities involved in the investigation believe that the number of firms could also be quite this, fraudulent amounts also are likely to be manifold.
The application was made in two refund cases. On suspicion, the disclosure was made after checking all the bank accounts. Five-six firms of Hisar bought 1500 crore gift cards in eight-ten months. Till application for refund. The case of transactions up to Rs 250 crore was also caught within the lockdown. From opening bank accounts to other works, fake documents were resorted to. Banks related to the sale of gift cards also are under suspicion.
Preliminary investigations have revealed that the majority of the gift cards were purchased from two companies in Hyderabad. we’ve sought help from the departmental officers of the respective states. the businesses are given time to hitch the investigation again by next week. If there’s no cooperation within the investigation, we’ll start subsequent action.
Vijay Mohan Jain, Commissioner, Central GST, Rohtak Commissionerate.