Rs 172 Crore Fake ITC Racket Busted, Chemical Company Owner Arrested

• CGST authorities in Thane busted a Rs 172 crore fake input tax credit (ITC) racket.
• Bhaumik Girishbhai Gandhi, director of Florida Solvent Private Ltd, was arrested as the mastermind.
• Gandhi allegedly availed and passed ineligible ITC worth Rs 952 crore without actual goods receipt or supply.
• Investigation revealed fake ITC was orchestrated through non-existent and cancelled firms.
• Incriminating documents were recovered from Gandhi's residence, and he admitted to the fraud.