Acting on a complaint, CB-CID formed several teams to nab the suspects involved in issuing fake bills in the name of a "defunct" company to various dealers engaged in the iron and steel industry.
By issuing such fake bills, the merchants were able to reduce their tax liability thereby defrauding government revenue running into crores, a CB-CID release said.
After undertaking raids and seizing documents, bank statements, registration certificates, CB-CID police arrested 26-year-old Budhmal alias Gupta and Malaram (40), both hailing from Rajasthan, yesterday.
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