Massive GST ITC Fraud: ED Attaches 10 Properties of Amit Gupta, Associates Linked to Rs734 Crore Fake Invoice Racket
Moneylife Digital Team 01 October 2025
In a major action against tax evasion and money laundering, the Ranchi zonal office of the directorate of enforcement (ED) has provisionally attached 10 immovable properties worth Rs15.41 crore belonging to Amit Gupta and his associates in Kolkata and Howrah. The attachments were made on 29 September 2025 under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, the agency says.
 
The action follows an extensive investigation into a large-scale goods and services tax (GST) fraud syndicate, spearheaded by Shiva Kumar Deora, Amit Gupta, Sumit Gupta and Amit Agarwal, also known as Vicky Bhalotia. The investigation began after multiple complaints were filed by the directorate general of GST intelligence (DGGI) from Jamshedpur.
 
According to ED, the syndicate set up and operated a web of 135 shell companies across Jharkhand, West Bengal and Delhi. These entities were used to generate bogus GST invoices without any actual movement of goods, thereby creating and passing on fake input tax credit (ITC) valued at over Rs734 crore. The fraudulent ITC was then sold to various end-user entities, allowing them to evade legitimate tax liabilities and resulting in substantial losses to the exchequer.
 
The agency’s probe has established that the masterminds of the syndicate earned around Rs67 crore as commission from the scam. This illicit income, identified as proceeds of crime (POC), was laundered by Amit Gupta, who acted as the financial manager of the group. ED found that Amit Gupta invested the laundered funds into numerous immovable assets, some of which were later transferred to relatives and associates to conceal their ownership once the DGGI began investigating.
 
Earlier, on 8 May 2025, ED carried out search operations that led to the arrest of key accused, including Shiva Kumar Deora, Mohit Deora, Amit Gupta, and Amit Agarwal alias Vicky Bhalotia. All of them remain in judicial custody. A prosecution complaint has already been filed against the arrested accused before the special PMLA court in Ranchi, which has taken cognisance of the offence.
 
In July this year, the agency had attached properties worth Rs5.29 crore belonging to syndicate head Mr Deora. The latest attachment of Rs15.41 crore is part of ED’s continuing efforts to identify, trace, and secure assets acquired through the proceeds of crime.
 
“Further investigation is under progress,” the agency says in its statement.
 
Comments
suketu
1 month ago
Such frauds are impossible unless his CA is also involved.Why no action against this companys CA?
iaminprabhu
Replied to suketu comment 1 month ago
100% Agree !


If CA & Acvounting Firms are made ACCOUNTABLE & Criminality, Liability fixed by Legislation, for such Financial frauds which they AUDIT then 95% FRAUDS will disappear overnight
iaminprabhu
1 month ago
Such people are Financial & Anti National LOOTERS & Cancer in our Society!

These 135 Shell Companies is PROOF of Guptas Agrawals loot & WHY ED - COURTS do not send them directly on priority to JAIL (without any Bail)!?
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