Eight charged for defrauding state budget of $328,402 using tax forgery

Eight individuals have been charged for fraudulently acquiring ₾876,723 ($328,402) from the state budget using forged tax documents, the Investigation Service of Georgia’s Finance Ministry said on Wednesday.

The Service said its investigation had found the offenders had produced fake VAT invoices worth ₾8.717 million ($3.265 mln) on behalf of companies under their management for sale of tobacco products and various goods.

They then used the assets to create ₾1.326 million ($496,917) in VAT assets, ₾876,723 ($328,402) of which was taken from the state budget, with the remaining amount used to cover tax liabilities.

The crime is punishable by imprisonment from six to nine years.