The Amit Upadhyay GST fraud investigation has intensified after authorities alleged that businessman Amit Upadhyay operated a network involving fake GST invoices and fraudulent Input Tax Credit claims through multiple entities linked to the Alphaneon Group. Officials from the Directorate General of GST Intelligence and the Mumbai GST department alleged that irregular transactions worth nearly ₹40 crore were routed through fabricated invoices and non-operational supplier entities. Investigators are also examining whether additional intermediaries or companies participated in the alleged network. No judicial determination establishing guilt has yet been pronounced, and investigations remain ongoing under applicable GST and financial laws.

Amit Upadhyay GST fraud: Mumbai investigators probe alleged ₹40 crore fake invoice network

The Mumbai GST department and DGGI have arrested businessman Amit Upadhyay in connection with an alleged fake GST invoice and bogus ITC network linked to multiple companies and financial transactions.

Mumbai investigators have intensified the Amit Upadhyay GST fraud case after authorities alleged that a network of fake invoices and fraudulent Input Tax Credit claims caused losses worth nearly ₹40 crore to the exchequer.

Officials from the Directorate General of GST Intelligence (DGGI) and the Mumbai GST department alleged that Amit Upadhyay, director of Alphaneon Techsolutions Private Limited (ATPL), operated multiple entities involved in irregular GST transactions.

According to investigators, Amit Upadhyay allegedly generated fake GST invoices without any actual supply of goods or services and unlawfully availed Input Tax Credit through fabricated documentation and transactions.

Authorities stated that Upadhyay was arrested in Mumbai on May 14, 2026, at approximately 1:15 pm by Senior Intelligence Officer Chandrashekhar Tiwari, following an ongoing financial investigation into alleged tax evasion activities.

Officials alleged that Amit Upadhyay functioned as director and authorised signatory for Alphaneon Techsolutions Private Limited and seven additional companies associated with the Alphaneon Group operating within Mumbai’s business ecosystem.

Investigators claimed that the network allegedly relied upon non-existent suppliers, cancelled entities and fabricated invoices to generate and transfer fraudulent Input Tax Credit claims among several connected corporate entities and associates.

DGGI investigation focuses on bogus ITC transfers and invoice transactions

According to DGGI findings cited by officials, Alphaneon Techsolutions Private Limited allegedly secured nearly ₹20.19 crore in fraudulent Input Tax Credit from suppliers that were reportedly cancelled or non-operational entities.

Authorities further alleged that the broader network generated approximately ₹37.67 crore in irregular Input Tax Credit claims while passing nearly ₹40.29 crore in allegedly fraudulent GST credits to additional companies.

Officials said the alleged transactions occurred without any genuine exchange of services or goods, a practice investigators claim violates GST compliance norms and causes significant losses to public revenue collections.

The case has drawn wider attention because investigators are examining whether additional businesses, intermediaries or professionals may have participated in facilitating the alleged invoice generation and tax credit circulation network.

Separate reports also referenced earlier allegations linked to service tax violations involving Amit Upadhyay and Asad Anwar Sayed, who had previously faced accusations of issuing fake GST invoices and evading taxes.

According to earlier GST department allegations, Upadhyay allegedly collected nearly ₹47 crore in service tax between April 2016 and June 2017 without depositing the amount with the Service Tax Department authorities.

Officials also alleged that Upadhyay, with assistance from Asad Anwar Sayed, received approximately ₹79.38 crore through fake GST invoices intended to evade taxes and improperly obtain financial benefits from the system.

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Complaints before the MRA Marg Police and the Enforcement Directorate

Investigators confirmed that complaints concerning Amit Upadhyay have reportedly been filed with Mumbai’s MRA Marg Police Station and the Enforcement Directorate regarding alleged financial irregularities and conspiracy-related accusations.

Anis Khan also lodged a complaint at MRA Marg Police Station alleging financial fraud and criminal conspiracy against Amit Upadhyay, according to details referenced in the ongoing investigative proceedings.

Authorities have not publicly disclosed the complete evidentiary material collected during the probe, though officials indicated digital records, invoices and financial transaction documents are being examined as part of the inquiry.

No final judicial determination has yet been made regarding the allegations, and investigators continue examining the role of associated entities, suppliers and financial intermediaries connected to the alleged GST fraud network.

The investigation remains active as authorities attempt to establish the complete financial trail, identify additional beneficiaries and determine whether broader corporate or interstate GST fraud linkages were involved in the alleged scheme.

Sprouts News understands that the case may also attract closer scrutiny from financial enforcement agencies because of the scale of alleged bogus ITC transfers and multi-company transaction structures highlighted during preliminary investigations.

Tax enforcement officials have indicated that further arrests, forensic audits and document reviews could follow if investigators uncover additional evidence connected to the alleged fake invoice and GST credit operations.

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Editorial Note:

This article is based on publicly available FIR records, court case references, and reports published by multiple media organisations. The information is presented in the context of ongoing investigations and public interest reporting. Sprouts News does not make any judicial determination regarding the individuals mentioned and does not intend to defame any person or organisation. Any individual seeking clarification or wishing to provide an official response may contact the editorial team with verifiable documentation. The information is presented for journalistic and informational purposes.