Ludhiana, Sept. 18 -- Acting on specific intelligence, officers of the Central Goods and Services Tax (CGST) Commissionerate, Ludhiana, conducted multiple search operations in Ludhiana on 16 September and unearthed a massive fake GST invoice racket worth Rs 455 Crore.

Three related firms, namely Vasu Multimetals, SVM Multimetals Private Limited and Ingottastic LLP, were involved in availing bogus invoices and utilised ineligible Input Tax Credit (ITC) worth Rs 69.41 Crores to set off their GST liabilities and thus causing serious leakage to government revenue, the release stated.

Following the search operations, two individuals - a father-son duo, who were operating and controlling these firms, were arrested under the provisions of the ...