GST Fraud Case: Jamshedpur Industrialist Jailed

Court orders custody for Gyan Chandra Jaiswal in ₹55.66 crore tax evasion scandal

Prominent businessman arrested after multiple summons, accused of fraudulent transactions through various companies.

JAMSHEDPUR – A local court has remanded industrialist Gyan Chandra Jaiswal to judicial custody in a significant GST fraud case.

Jaiswal, also known as Bablu Jaiswal, faced arrest for his alleged involvement in a ₹55.66 crore GST evasion scheme.

The Special Judge for Economic Offences, Saudamini Singh, heard arguments from both defense and prosecution before ordering Jaiswal’s detention.

Defense counsel Prakash Jha contested the arrest, citing improper compliance by GST Intelligence officials.

Prosecution lawyer Sanjeev Ranjan Bariyar countered, detailing multiple notices sent to Jaiswal’s companies since October 2023.

Jaiswal, director of nine companies, allegedly orchestrated fraudulent transactions through various business entities.

The GST Intelligence team uncovered over 100 companies involved in suspicious transactions, with Jamshedpur alone seeing fraud exceeding ₹150 crore.

This arrest follows earlier detentions in the case, including Kolkata-based businessmen Amit and Sumit Gupta.

Jaiswal underwent a medical examination at MGM Hospital before his transfer to jail.

The case highlights ongoing efforts to combat tax evasion and fraudulent business practices in the region.

Authorities continue to investigate the extensive network involved in this multi-crore GST fraud scheme.

The arrest serves as a warning to other potential tax evaders and emphasizes the government’s commitment to financial integrity.

Local business communities are closely watching the case’s developments and its potential impact on regional commerce.