Lucknow, April 23 -- The Lucknow Police Crime Branch has busted an organised GST fraud racket involving fake firms and bogus transactions worth over Rs.1.3 crore, officials said on Tuesday. One accused has been arrested in connection with the case. "The accused, identified as Ravinder Giri, 35, a resident of Lakhimpur Kheri, was arrested by a joint team of Rahimabad police and the cyber/surveillance unit. Three mobile phones and cash were recovered from his possession," said Kiran Yadav, additional deputy commissioner of police, crime, Lucknow. She added the person was jobless after graduation which drove him to commit the scam. The ADCP said fake rent agreements and electricity bills were prepared to complete GST registrations. "These firms were then used to generate bogus invoices and e-way bills, projecting fake transactions. Through this, the accused sold fraudulent Input Tax Credit (ITC) to companies in exchange for commissions, causing significant loss to the government exchequer," she added. "The accused used multiple SIM cards issued in others' names to operate these fake entities and carry out transactions. He has confessed to the crime during interrogation," police said....