The Directorate General of GST Intelligence (DGGI) on Monday said that tax raids conducted on Uttar Pradesh businessman Piyush Jain, who is part of the perfume industry, have recovered ₹ 194.45 crore in cash and 23 kg in gold so far.
The DGGI’s raid began on Wednesday, where they had recovered ₹ 177.45 crore in cash from Mr Jain’s home in UP’s Kanpur.
Last week, pictures and videos of a raid at his premises, showing authorities using note counting machines to count the heaps of currency notes went viral on social media.
The DGGI said that it’s the biggest ever seizure of cash by CBIC (Central Board of Indirect Taxes and Customs) officials.
In addition, ₹ 17 crore cash and 23 kg of gold, as well as approximately 600 kg of unaccounted stores of sandalwood oil worth ₹ 6 crore was recovered by officials from Mr Jain’s factory in Kannuaj.
The DGGI said searches of the Kannauj premises are ongoing and will continue till Monday evening.
As per NDTV, Piyush Jain has accepted that the cash recovered from the residential premises is related to sale of goods without payment of GST (Goods and Services Tax),” the DGGI has said.
On Monday, Piyush Jain was arrested on charges of tax evasion based on the seized cash and other evidence recovered from the raids. He was sent to DGGI custody by a Kanpur court the same day.
Jain, the promoter of Odochem Industries, supplies perfume compounds to Trimurti Fragrances – which makes the Shikhar brand of pan masala and other scented tobacco products, as per reports.
The raids against the business man were initiated on the basis of evidence gathered from raids on Trimurti Fragrances and a road transporter accused of generating illegal income by dispatching goods with fake invoices and without e-way bills, the GST Intelligence officers said.
In a statement, the DGGI said Trimurti Fragrances has admitted culpability and deposited ₹ 3.09 crores.
According to reports, he is likely to be taken to Ahmedabad for questioning.
(Inputs from NDTV)
