A major financial irregularity probe has surfaced in Agra after the state tax department detected suspicious transactions linked to alleged fake firms, bogus billing and fraudulent Input Tax Credit (ITC) transfers. Preliminary findings indicate that transactions worth more than Rs 76 crore were carried out within just 4 months.
The investigation began after officials reviewed a current account opened in November 2024 at the Colony Branch of Punjab National Bank under the name Dinesh Traders. The account was registered in the name of Dinesh Agarwal, with commission trading listed as the firm’s business activity in official records.
According to the state tax department, authorities noticed unusually high-value transactions between December 2024 and March 2025. Officials found that nearly Rs 76.15 crore was routed through the account within 4 months of the firm’s creation. The volume and speed of the transactions reportedly did not match the profile of a newly formed business, prompting a deeper inquiry.
During questioning, Dinesh Agarwal allegedly informed investigators that the firm had been established by Sumit Jindal using his name. He further claimed that Sumit Jindal regularly obtained his signatures on cheques, bank forms and official documents while keeping control of all business records and related paperwork.
Dinesh also stated that he had no knowledge of the multi-crore transactions conducted through the account. Investigators suspect the account may have been used as part of a larger fake invoicing and illegal tax credit transfer network.
Officials also found that another entity, Shiv Traders, recorded transactions of nearly Rs 17 crore. Authorities suspect the firm was connected to the same network and linked directly to Sumit Jindal. Investigators further discovered that another firm allegedly associated with him already has pending tax liabilities of around Rs 9 crore. So far, enforcement action in the case has led to the recovery of nearly Rs 70.74 lakh.
Based on a complaint filed by state tax officer Atul Kumar Arya, police have registered a case against Sumit Jindal, owner of SJ Enterprises. Authorities are now examining bank records, GST filings, transaction histories and documents related to multiple firms linked to the suspected operation. Investigators are also tracing fund movements and identifying beneficiary accounts, while checking whether the network operated beyond Uttar Pradesh into other states.
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