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India’s Enforcement Directorate (ED) says it arrested Gyaan Chand Jaiswal, also known as Babloo Jaiswal, and Raaj Jaiswal on 30 September 2026 in an alleged GST input tax credit (ITC) fraud case. The agency alleges that a network of 135 shell companies issued bogus invoices worth more than ₹5,000 crore without supplying goods or services and generated fake ITC exceeding ₹734 crore. The two men were remanded to judicial custody in Ranchi on 1 October; the allegations have not been established as a court finding.
Who was arrested, and what is their court status?
According to the ED’s Ranchi Zonal Office, Gyaan Chand Jaiswal, also known as Babloo Jaiswal, and Raaj Jaiswal were arrested on 30 September 2026 under Section 19 of the Prevention of Money Laundering Act, 2002. The arrests followed searches that day at four residential and office premises connected with the two men, chartered accountant Sanjay Parekh and others.
The ED says the two were produced before the Special PMLA Court in Ranchi on 1 October and remanded to judicial custody. An arrest and remand are procedural steps, not a finding of guilt. The agency says its investigation is continuing.
What does ED allege the GST fraud involved?
The ED says its investigation began after multiple complaints from the Directorate General of GST Intelligence (DGGI), Jamshedpur. Its account describes a syndicate that allegedly set up 135 shell companies existing only on paper and used them to issue invoices worth more than ₹5,000 crore despite no actual supply of goods or services.
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The agency alleges that the network generated and passed on more than ₹734 crore in fake input tax credit, which was sold on commission to beneficiary firms. Those firms allegedly used the credit to reduce or evade GST liabilities. The ED’s release describes the alleged mechanism, but does not provide a transaction-by-transaction account of how individual invoices and credits moved.
How to read the two headline figures
| Figure | What it refers to |
|---|---|
| More than ₹5,000 crore | Value of bogus invoices the ED says the shell-company network issued without actual supply of goods or services. |
| More than ₹734 crore | Value of fake ITC the ED says the network generated and passed on to beneficiary firms. |
These figures describe different parts of the alleged scheme: the invoice value is not the same as the amount of ITC. Both are investigative claims attributed to the ED, not judicial findings.
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What does ED allege about entities linked to the Jaiswals?
In its account of the ongoing investigation, the ED says entities associated with the Jaiswal group included Maa Sharda Endeavours Pvt. Ltd., Makers Casting Pvt. Ltd., Kedarnath Trexim Pvt. Ltd. and Jai Bhole Enterprises. It alleges that ₹54.33 crore in fake ITC was routed through these entities and layered into bank accounts belonging to the men, relatives or associated entities. The agency further says the proceeds may have been used in business activity and to acquire movable and immovable property.
The ₹54.33 crore is a specific allegation about routing through entities associated with the Jaiswal group; it is not a separate court-established loss figure. The ED has not announced a final finding on the allegations.
How does the 2026 action fit into the earlier case?
The two Jaiswals’ arrests are the latest reported action in a case that the ED says also involved arrests and property attachments in 2025. The earlier arrests concerned other accused and should not be conflated with the September 2026 arrests.
| Date | Reported action | How it relates to the current arrests |
|---|---|---|
| 8 May 2025 | The ED’s later account says four people were arrested: Shiva Kumar Deora, Mohit Deora, Amit Gupta and Amit Agarwal, also known as Vicky Bhalotia. | These were earlier arrests, not the two arrests announced in September 2026. |
| 30 September 2025 | The ED reported attaching ten properties in Kolkata and Howrah valued at ₹15.41 crore, following an earlier attachment of ₹5.29 crore in July 2025. It also described about ₹67 crore in commissions as proceeds of crime and reported that a prosecution complaint had been filed and cognizance taken. | These were earlier enforcement and court-process developments involving the broader syndicate; they do not establish the guilt of the newly arrested men. |
| 30 September 2026 | The ED says it searched four premises and arrested Gyaan Chand Jaiswal and Raaj Jaiswal under PMLA. | This is the latest arrest action covered here. |
| 1 October 2026 | The two men were produced before the Special PMLA Court in Ranchi and remanded to judicial custody, according to the ED. | The ED says its investigation remains ongoing. |
The approximately ₹67 crore in commissions cited in the ED’s 2025 property-attachment update is distinct from both the more than ₹734 crore in alleged fake ITC and the ₹54.33 crore the ED says was routed through entities associated with the Jaiswals.
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