94 Billion Tugriks Embezzled Through Fake Tax and Social Insurance Records
The General Police Department has announced the launch of investigations into widespread corruption and fraud within Mongolia’s tax and social insurance agencies—institutions responsible for generating state revenue.
According to the report, several officials from the tax authority conspired with others to input 1,877 fake VAT invoices worth a total of 248 billion tugriks, reducing state tax revenue by 24.6 billion tugriks and causing major financial losses to the government. Two organized groups involving seven individuals have been detained for questioning in connection with the case.
In a separate case, investigators discovered that fake entries had been made in social insurance payment records under the names of companies affiliated with the perpetrators. These falsified records were then used to fraudulently obtain more than 70 billion tugriks in loans from banks and financial institutions. Three groups involving about 50 individuals have been implicated, and three suspects have been detained so far.
