During the course of a follow-up investigation, officers from the Directorate General of GST Intelligence (DGGI), Visakhapatnam, have seized cash worth ₹1.7 crore from the locker of a private bank in Guntur. The seized currency was in bundles of ₹2,000 denominations
The bank locker is related to an ongoing investigation against a bill trading mastermind who was earlier arrested for his involvement in running a massive fake invoice racket.
During the course of investigation, the mastermind was found to have been involved in floating close to 90 shell companies to generate fake invoices valued at ₹425 crore.
The total tax defraud in this racket is to the tune of ₹75 crore and ₹40 crore has already been recovered by the DGGI.
In addition to the cash, several incriminating documents were also seized. Further investigation is in progress.
