Tax raids against Uttar Pradesh businessman Piyush Jain, who is part of the perfume industry, have so far over 200 billion agency operations that began last week and are still ongoing.
GST (Goods and Services Tax) intelligence sources said that Rs 107 crore in cash and real estate documents worth more crores were confiscated from three houses in UPs Kannauj this morning.
Sources said Mr. Jain, who is from Kannuaj’s town of Chuppatti, told GST officials he had raised the money over the years by selling ancestral gold to expand his business.
However, he could not tell the officials who he had sold the gold to. His sons are also being interviewed.
Yesterday, Piyush Jain was arrested by GST officials for tax evasion. He ran away on the first day of the raids (Thursday) and only returned after repeated phone calls, ANI news agency sources said.
Officials believe he was trying to buy time to find plausible explanations for the seized cash ; He initially said the money « belongs to relatives », but no one has come forward, ANI reported.
IT raid in Kanpur: Mountains of cash were found in Piyush Jain’s apartment, wrapped in paper and plastic
At that time the number of recovered banknotes – from his houses in Kanpur and Kannauj and his factory in Kannuaj – was around 187 billion rupees; this included Rs 10 crore from his perfume factory in Kannauj.
« This is the biggest rebound in the history of the CBIC (Central Bureau of Indirect Taxes and Customs), CBIC chairman Vivek Johri told ANI on Friday when the amount collected was (only) 150 billion rupees.
IT raid in Kanpur: Mountains of cash were found in Piyush Jain’s apartment, wrapped in paper and plastic
Mr. Jain is the promoter of Odochem Industries, which supplies perfume compounds to Trimurti Fragrances – who make the Shikhar brand for Pan Masala and other fragrant tobacco products.
GST intelligence officials said the raids on him were based on evidence added to the raids Trimurti Fragrances and a road haulier accused of generating illegal income by sending goods with forged invoices and no e-waybills.
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