Probe revealed that 23 firms across India, from Tamil Nadu to New Delhi, were involved in issuance of fake invoices to get fraudulent 'Input Tax Credit' without supply of any goods, it said.
These firms engaged only in paper transactions of goods, ranging from iron and steel products, insulated wires, plastic articles to copper/aluminum waste. No actual movement of goods took place, the release said.
"The declared places of business of these entities were residences and the supporting documents uploaded by these entities had been forged.
The value of fake transactions was found to be Rs 434 crore, while Rs 78.13 crore of fraudulent input tax credit was availed, it said, adding that further probe was on.
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