A 56-year-old woman was arrested on Tuesday (March 17) in a raid that was part of the Inland Revenue Authority of Singapore's (IRAS) crackdown on Goods and Services Tax (GST) refund fraud.The IRAS said in a statement on Thursday that 179 luxury watches worth over $1 million were seized for investigation.The woman allegedly created fictitious purchases, inflated transactions and used false tax invoices to support fraudulent GST refund claims.Accounting records, electronic devices and other evidence linked to the alleged offences were also seized.In all, tax investigators from the IRAS conducted raids at over 20 business and residential premises island-wide on March 17. Another seven people from other cases are assisting with investigations.IRAS said that businesses across various industries, including logistics and wholesale trade, were identified in separate GST refund fraud cases.Some of them allegedly used shell companies to facilitate fraudulent GST refund claims.IRAS added that they conduct regular audits to detect anomalous GST refund claims and ensure claims comply with GST rules. Read more