The field officials of the Directorate General of GST Intelligence (DGGI), Hyderabad Zonal Unit, reportedly busted a fake GST invoicing racket in the granite hub in Karimnagar by arresting the organiser of a bogus firm.

According to sources, the DGGI sleuths have reportedly detected fraudulent financial transactions of granite transport worth nearly ₹100 crore by the bogus agency involved in the racket during searches carried out in the last two days.

The accused allegedly created fake invoices and waybills through the bogus firm, evading payment of GST to the tune of around ₹16 crore.

However, there was no immediate confirmation of the arrest of the organiser by the officials concerned.

Sources added that a detailed investigation was underway to unearth the whole gamut of the tax evasion racket and trace others involved in the fraud.