New Delhi, Feb. 12 -- The Pune Zonal Unit of the Directorate General of GST Intelligence (DGGI) has busted a Goods and Services Tax (GST) evasion racket involving a fraudulent input tax credit (ITC) scam of Rs.1,196 crore and arrested one individual in connection with the case.

The investigation has revealed a sophisticated network of bogus companies engaged in fraudulent Input Tax Credit (ITC) transactions, reported PTI quoting DGGI Pune Zonal Unit.

The authorities have also frozen one bank account linked to a fraudulent entity, with further investigations underway

Officials said that the the accused had set up shell entities with no legitimate business operations, generating fake invoices and e-way bills to create a facade of genuine...