Thane, Mar 4 (PTI) The anti-evasion wing of the Thane CGST Commissionerate in Maharashtra has arrested an exporter for fraudulently claiming input tax credit of Rs 15.26 crore by issuing bogus invoices of Rs 85 crore, an official said on Friday.

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Based on inputs shared by Delhi Customs, a probe was initiated against M/s. Corvette Tradelink Pvt. Ltd based in the western suburb of Borivali in neighbouring Mumbai, he said.

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The investigations revealed that the firm involved in exporting footwear had allegedly availed input tax credit fraudulently on the basis of bogus invoices issued by non-existent fake entities from Delhi, the official said.

The director of the firm was arrested on Thursday under relevant provisions of the CGST Act 2017 and produced before Chief Metropolitan Magistrate, Mumbai.

The accused has been remanded to judicial custody for 14 days. If found guilty, he shall face imprisonment of up to five years and a fine, he added.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)