DGCEI unearths major CENVAT fraud

New Delhi, Mar 14 (UNI) The Directorate General of Central Excise Intelligence (DHCEI) has recently unearthed a major case of CENVAT fraud.

''In a nationwide operations on March 8, DGCEI raided the office and factory premisis of M/s Ind Swift Ltd, a Chandigarh-based pharmaceutical concern and a large number of manufacturers and dealers in Ghaziabad and Noida. A large number of incriminating documents were resumed from these premisis. Investigations conducted so far revealed that M/S Ind Swift Group of Companies had taken credit worth crores of rupees on the basis of invoices of fictitious and non-existent or non-registered manufacturers and dealers. They have already deposited Rs five crores voluntarily so far,'' a DGCEI release said here.

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