Panchkula court denies bail to Kalka man in ₹19-crore Input Tax Credit fraud

A case was registered against Aniket Verma for offences under the CGST Act on June 10 on the complaint of a senior intelligence officer of the directorate general of GST Intelligence, Chandigarh zonal unit

The court of additional sessions judge Neeru Kamboj has dismissed the bail application of Aniket Verma, 26, of Kalka, accused of causing a loss of ₹19.02 crore to the government exchequer through fraudulent Input Tax Credit (ITC) claims.A case was registered against him for offences under the CGST Act on June 10 on the complaint of a senior intelligence officer of the directorate general of GST Intelligence, Chandigarh zonal unit.

While Verma’s counsel argued he was falsely implicated, the court held no grounds existed for bail at this stage. (HT File)

According to the prosecution, Verma was the proprietor of M/s Balaji Trading Company, a fictitious firm with a registered office in Parwanoo, which was found locked during inspection. Investigations revealed that Verma was operating three firms — two in his own name and one in his wife’s name. All registrations were suspended after officials found fraudulent ITC claims without actual supply of goods or services. M/s Balaji Trading Company allegedly availed ITC of ₹12.47 crore on fake invoices worth ₹69.27 crore. His second firm, M/s Aniket Steel and Brothers, availed ITC of ₹6.02 crore on bogus supply of ₹33.44 crore. The third, M/s NV Industrial Corporation, registered in his wife’s name, was created to secure a business loan.

The probe also found that e-way bills falsely showed light passenger cars transporting heavy goods like MS scrap and cement, far exceeding vehicle capacity. Officials concluded the transactions were fictitious only to fraudulently avail ITC.

While Verma’s counsel argued he was falsely implicated, the court held no grounds existed for bail at this stage.