ICAI takes disciplinary action against eight CA’s arrested in invoice fraud.

The government had arrested eight chartered accountants (CAs) in its nationwide drive against fake GST fraud launched since mid-November to nab unscrupulous elements using fake invoices to fraudulently claim input tax credit.

They were operating multiple non-existent firms and fake entities to dupe the exchequer with fraudulent ITC utilisation in connivance with fraudsters and fly-by-night operators.

The CA Institute (ICAI) has initiated disciplinary proceedings against the eight chartered accountants who have been arrested in the nationwide drive against fake GST invoice frauds in the last two and half months since November 2020.

The Revenue Department’s letter formed the basis for initiation of disciplinary proceedings against these eight Chartered Accountants.

The eighth Chartered Accountant was arrested along with his four business accomplices in Jaipur for operating 25 fake firms to fraudulently avail and pass on Input Tax Credit (ITC) through bogus invoices without actual supplies of goods/services.