Mumbai-based Suumaya Group is under the scanner for alleged GST evasion. Shares of the company have been tumbling for days and hit the lower circuit on Tuesday.
Also Read: View | The curious case of Suumaya Industries: Why cashflows matter more
CNBC-TV18 learns that the GST authorities are currently scanning various entities of the group with respect to suspicious transactions. Authorities claim that the system red flagged transactions worth Rs 958 crore made by Suumaya Industries in April 2021. Mumbai GST authorities have also arrested 3 people including a CA in the matter.
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