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Innefu Labs’ AI platform uncovers suspected Rs 5,700 crore GST fraud network

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Innefu Labs’ AI platform uncovers suspected Rs 5,700 crore GST fraud network

Business News Tech AI Innefu Labs’ AI platform uncovers suspected Rs 5,700 crore GST fraud network

Innefu Labs’ AI platform uncovers suspected Rs 5,700 crore GST fraud network

According to Innefu Labs, Prophecy Eagle I identified several patterns, including the alleged reuse of the same facial identity across multiple business registrations in different geographical regions within a month.

Artificial intelligence platform Prophecy Eagle I, developed by Indian AI company Innefu Labs, has helped identify a suspected GST (goods and services tax) fraud network involving more than 1,500 registered businesses and allegedly fraudulent input tax credit (ITC) claims estimated at Rs 5,700 crore.ITC is a core mechanism under the GST system that allows businesses to reduce their final tax liability. For example, if a business buys raw

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