Ludhiana, June 21 -- The Enforcement Directorate (ED) has unearthed a financial fraud involving fake GST invoicing, bogus firms and suspicious cash withdrawals amounting to Rs.3,089.57 crore.

Following a formal complaint filed by the central probe agency, five key suspects have been named, while two others remain unidentified.

The syndicate established a network of shell companies to generate fake invoices, pass illegal input tax credit (ITC) and execute large-scale, suspicious cash withdrawals.

The ED named Amit Kumar Goyal, his brother Manish Kumar, Gaurav Aggarwal, all from Mandi Gobindgarh, Gurdeep Singh and Balwant Singh, both from Lohar Majra village in Fatehgarh Sahib. Two accused are yet to be identified.

Acting on the complai...