New Delhi, July 11 -- In a follow up operation connected with investigation of a case initiated in Bengaluru, the officers of Directorate General of GST Intelligence, Bengaluru Zonal Unit, carried out searches in over six premises in Delhi, and uncovered fraudulent invoices worth over Rs 266 crore, involving availment and passing on of fraudulent Input Tax Credit (ITC) of Rs 48 crore from the shell companies.

The Ministry of Finance, in a statement, stated that the masterminds floated shell companies with no actual business activity, carried out circular trading to inflate turnover, listed one of the companies in the stock exchange and indulged in ITC fraud.

Investigation revealed that four companies, with no business activity, have sho...