Chartered Accountant arrested for input tax credit fraud

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New Delhi, Aug 25 | The Directorate General of GST Intelligence (DGGI) Gurugram Zonal Unit (GZU) has arrested a Delhi Chartered Accountant (CA) on charges of creation of fake firm in order to fraudulently pass on fake Input Tax Credit (ITC) without actual supply of goods or services.

The CA has been identified as Manish Modi, a resident of Pitampura, New Delhi.

The arrest has been made on the basis of investigation launched by the DGGI in the fake ITC case involving a sum of Rs 176 crore. In this case fake ITC was passed on by Sanjay Goel of Redamancy World, and Deepak Sharma, the de-facto controller of eight non-existent firms.

Once the racket was busted by the DGGI, Goel and Sharma were the first ones tobe arrested. On further investigation, the role of two more key persons, Manish Modi and Gaurav Agarwal surfaced. Subsequently, DGGI arrested Modi.

It was found that Manish Modi is managing/controlling fake firms Nivaran Enterprises, and Panchwati Enterprises through which he has fraudulently passed on fake ITC to the tune of Rs 36 crore. Further he has also been found in possession of incriminating evidence indicating many more such firms might be controlled/managed by him for similar purposes. Further investigation for the same is under way, said the police.

The name of Gaurav Agarwal, Partner of Agarwal & Company (authorised dealer of ITC) has also emerged as another key person involved in the instant racket of fraud ITC. He had fraudulently passed on fake Input Tax Credit (ITC) amounting to Rs 15 crore (including GST and Cess), thus has been arrested by DGGI on similar charges.

Accordingly, Manish Modi and Gaurav Agarwal were arrested on August 23 and produced before the Duty Metropolitan Magistrate, Delhi, who ordered their judicial custody for 14 days. Fake ITC of more than Rs 36 crore and 15 crore, respectively, were fraudulently passed on by the two persons.

Further investigations in the matter are under progress.

Source: IANS

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Does MBA really help in getting a better job offer ?

Does MBA really help in getting a better job offer ?

Most students pursuing an MBA come with the sole objective of having a decent job offer or a promotion in the existing job soon after completion of the MBA. And most of them take loans to pursue this career dream. According to a recent survey by education portal Campusutra.com  74% MBA 2022-24 aspirants said they would opt for education loans.

There are exceptional cases like those seeking master’s degree or may have a family business to take care of or an entrepreneurial venture in mind. But the exception cases are barely 1%. For the rest 99%, a management degree is a ticket to a dream job through campus placements or leap towards career enhancements. Stakes are high as many of them quit their jobs which essentially means loss of 2 years of income, apprehension and uncertainty of the job market. On top of that, the pressure to pay back the education loans. Hence the returns have to be high. There is more than just the management degree. Colleges need to ensure that they offer quality management education which enables them to be prepared for not just the demands of recruiters and for a decent job but also to sustain and achieve, all along their career path.

  • So, what exactly are the B Schools doing to prepare their students for the job market and make them industry ready ?
  •  Are B schools ready to deliver and prepare the future business leaders to cope up with the disrupted market ?  

These are the two key questions every MBA aspirant needs to ask, check and validate before filling the MBA application forms of management institutes. And worth mentioning that these application forms do not come cheap. An MBA aspirant who may have shortlisted 5 B Schools to apply for, may end up spending Rs 10,000.00 to Rs 15,000.00 just buying MBA / PGDM application forms.

While internship and placements data of some management institutes clearly indicates that recruiters today have specific demands. The skill sets looked for are job centric and industry oriented. MBA schools which have adopted new models of delivery and technology, redesigned their courses, built an effective evaluation process and prepared the students to cope with the dynamic business scenario, have done great with campus placements despite the economic slow down.

However, the skill set being looked for by a consulting company like Deloitte or KPMG may be quite different from FMCG or a manufacturing sector. Institutes need to acknowledge this fact and act accordingly.

  • Management institutes should ensure that students are intellectually engaged, self motivated and adapt to changes fast. In one word ‘VUCA ready’.
  • B Schools should encourage students to participate in national and international competitive events, simulations of business scenarios.
  • Institutes should have the right mix of faculty members with industry exposure and pure academics.

The placement records of 2021 across top management institutes indicated the fact that recruitment is happening, skilled talent is in demand and certain management institutions continued to attract recruiters even in the middle of an ongoing crisis.

It is time, all management institutes rise to the occasion, understand market realities and identify areas of improvement at both ends – students and faculty.

After all, the stakes are high at both ends. B Schools taking corrective measures will stay while those which are lagging will end up shutting down.

Author Name : Nirmalya Pal

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