In a major victory, the Noida police have dismantled a complex multi-million dollar multi-core scheme run by a gang using the PAN card information of about 635,000 people. The gang members carried out extensive fraudulent activities using stolen personal information.
According to deputy commissioner of police (Noida) Harish Chander, the Gautam Budh nagar police have dismantled an eight-person gang that had been dishonestly using the permanent account numbers (PAN) of 635,000 people for over five years and setting up 2,660 shell companies to avoid paying multiple crores in Goods and Services Tax (GST).
Although the overall amount of tax evasion has not yet been determined, a state GST official who attended a press conference conducted by the Gautam Budh Nagar police on Thursday stated that it may be expected to be more than 10,000 crores.
The group obtained a large amount of PAN card information, which they then exploited for a variety of illegal activities, including money laundering, financial fraud, and identity theft. Given the massive number of persons whose private information was compromised, the breadth of the operation is immense.
The Noida police's efforts in dismantling this organized criminal network have been praised by authorities. The operation's success emphasizes the significance of strong security measures and increased awareness in protecting personal information and battling cybercrime.
The official claimed that the suspects defrauded the public purse of millions of dollars by establishing phony corporations to receive a refund of input credit tax from the government. The suspects created false businesses and registered them for GST using their PAN card information.
According to Laxmi Singh, the commissioner of police in Gautam Budh Nagar, these fictitious businesses were then utilized to produce e-way bills (GST-related challans for transportation consignments) worth more than 2- 3 crore each month for each company.
The public has been urged by the police to use caution and implement the necessary safety precautions to safeguard their data. Regular monitoring of financial transactions, prompt reporting of unusual conduct, and stringent security measures while handling sensitive data are all advised practices.
The investigation is still ongoing, and efforts are being made to break up the entire network and bring everyone involved to justice. The authorities will continue to take tough action to halt future instances of this illegal behavior because they are committed to ensuring the safety and security of the general people.
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4 months ago by simplyfinance14
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