Date:14/12/2006 URL: http://www.thehindubusinessline.com/2006/12/14/stories/2006121405211000.htm

Back CBEC acts against fictitious invoices

Our Bureau

New Delhi , Dec 13

The Directorate General of Central Excise Intelligence (DGCEI) has arrested Mr Dinesh Sharma for issuing fictitious cenvatable invoices and passing on about Rs 7 crore duty credit without actually delivering any duty paid goods.

An official release from the Central Board of Excise and Customs (CBEC) said that Mr Sharma has admitted to having floated a number of fictitious companies, got their bill books printed and issued fictitious invoices to a number of iron and steel manufacturing companies based in Chandigarh and other places.

The total value of goods shown as delivered on such invoices is in excess of Rs 45 crore. Of the bogus credit of Rs 7 crore, DGCEI has recovered Rs 2.1 crore as duty.