Chandigarh, July 26 (IANS): Punjab Finance Minister Harpal Cheema on Friday said an investigation by the state Tax Department’s Enforcement Wing has uncovered fake billing scams worth thousands of crore.

Two firms dealing in gold were found to have generated fake bills of Rs 860 crore, while 303 firms dealing in iron were involved in fake billings of Rs 4,044 crore.

Additionally, 68 firms were found to have engaged in fake billing of Rs 533 crore after getting their firms registered in others' names.

Cheema said on inspection of a firm dealing in gold in Amritsar, the enforcement wing found that fake bills of Rs 336 crore were made for the sale and purchase of gold.

He said the registration of the two firms from which the firm had shown that it purchased the gold had been cancelled, and these firms further had no record of purchasing any gold.

Referring to the Ludhiana-based firm which did similar manipulation in gold transactions, the minister said gold sale-purchase was made against fake bills of Rs 424 crore by it.

He said that in this case as well, the registration of the two firms from which the firm has shown purchases of gold had been cancelled. These firms further had no record of purchasing any gold.

Giving information about the fake sale-purchase of iron of Rs 4,044 crore by 303 firms, Cheema said 11 firms out of them are registered with Punjab, 86 firms with other states, and 206 firms with the Central government.