In a breakthrough in the Goods and Services Tax (GST) fraud case, the Noida Police on March 20 said it has arrested two Haryana-based "billionaire businessmen" who allegedly masterminded the multi-crore revenue loss to the exchequer.
The accused are in the business of metal scrap and have collectively caused a revenue loss of around ₹25 crore to the exchequer, a senior police officer said.
Known as the "GST scam", the case came to light in June 2023 and pertains to revenue loss to the exchequer through input-tax credit (ITC) being claimed by thousands of bogus companies that were floated using forged documents.
