ED cracks down on massive ₹658cr fake invoice scam
Business
The Enforcement Directorate (ED) is carrying out major raids in Jharkhand, Manipur, Kolkata, and more to bust a huge ₹658 crore fake Input Tax Credit (ITC) scam.
Teams are targeting people and companies accused of using fake invoices to claim tax credits they weren't actually owed.
How the scam worked—and what's next
This all kicked off after an FIR was filed against Rakesh Sharma, Ashutosh Kumar Jha, and others for forgery and conspiracy.
The main company involved allegedly used 58 shell firms across several states to create bogus invoices worth hundreds of crores.
The ED is probing the layering and tracing of proceeds to determine how the money moved through these fake businesses.