The Sessions Court has rejected Anticipatory Bail Application of Ketan Shroff, Director of Penta Gold Ltd and Partner of Penta Bullion LLP, in a matter involving fraudulent availment of Input Tax Credit.
Ketan Shroff had applied for Anticipatory Bail Application, as he was apprehending arrest from GST Department, who are said to be investigating the said fraud.
It may be recalled that Ketan Shroff was arrested by DRI, earlier as well, in 2020, for being involved in Import fraud of nearly 400 Kgs of Gold.
As per sources in GST Department, Ketan Shroff, along with few players in the Bullion Market has created dummy firms and entities and done paper trades with them with the sole purpose of generating fake ITC. The GST Department has vehemently opposed granting of bail to Shroff and has said that they are conducting a detailed investigation of all firms who have trading and dealings with Penta Bullion LLP as well as Penta Gold Ltd.