From www.afr.com: The collapsed hospitality group Virtical allegedly accrued $120 million in fake GST refunds to finance its acquisition of pubs in Sydney and Melbourne, potentially marking Australia’s largest GST fraud.

Liquidator examinations in the Federal Court revealed that Virtical owed $203 million to the Australian Tax Office after accounting for $80 million in interest and penalties.

The two former directors of Virtical are now blaming each other for the incriminating invoices tied to this fraud.