Recognised By: THE PRIME MINISTER OF AUSTRALIA & PREMIER/GOVERNER & CHIEF COMMISSIONER OF POLICE OF VICTORIA      Victoria's first Melbourne Monthly Newspaper since October 1993

Breaking News

Rs 187 crore cash recovered in IT raid


KANPUR, DEC 27. Directorate General of GST Intelligence (DGGI) today arrested UP perfume trader Piyush Jain, after a total Rs 187 crore cash was recovered from his factory and residence. DGGI, Ahmedabad initiated searches in Kanpur (Uttar Pradesh) at the factory premises and the premises belonging to a pan masala manufacturer and a transporter (whose identity has not been shared so far) who was involved in the transportation of goods under the cover of fake invoices, without generating e-way bills.

The Income Tax team first reached the Anandpuri residence of Piyush Jain in the city along with the currency counting machine.

According to officials, a case of tax evasion of about Rs 150 crore came to the fore. This tax evasion was mainly done through shell companies. Piyush Jain, a resident of Anandpuri, basically belongs to Chhipatti in Kannauj. He also owns a house, perfume factory, cold store, petrol pump in Kannauj.

Piyush Jain also owns a house, head office and showroom in Mumbai. His companies are also registered in Mumbai itself.

The raids began on Thursday morning simultaneously in Kanpur, Mumbai and Gujarat and ended late in the night. Cash worth Rs 150 crore was reportedly found during the raids.

According to officials, Piyush Jain has around 40 companies, including two in the Middle East.

"He is mainly into the perfumery business with its base in Kannauj, while the group owns a showroom in Mumbai from where perfumes are sold all over the country and abroad," the officials said.

During the raid, it also came to the fore that the company took loans in the name of shell companies. The company`s foreign transactions are also huge.

A joint team has recovered Rs 5 crores from Jain`s factory, while another Rs 5 crore has been recovered from his residence in Kannauj. DGGI has also recovered unaccounted sandalwood oil, perfumes worth crores seized from Jain`s factory.

When the DGGI and Local Central GST team reached Jain`s premises on day one of the searches, he ran away and came back after two hours on several calls by investigating officers.

The transporter used to generate multiple invoices in the name of non-existent firms, all below Rs 50,000 for one truckload, to avoid the generation of e-way bills. The officers successfully intercepted and seized four such trucks outside the factory premises.

More than 200 fake invoices used in the past for transportation without payment of GST have been recovered from the warehouse of the transporter.

Officials said that they are trying to get the details of huge cash recovered from the promoter of Odochem Industries. Search is still on in Kanpur and Kannauj and investigation will continue until they find the real beneficiary of the cash seized from the premises of Jain."We want to know the source of such huge cash.



Intesols - Intelligent Solutions for all businesses

Local News

View your local news
Local news

Sports

Cricket, soccer, footy, tennis and more
Sports

About us

About us
About Us Us

Contact Us

Get Contact Details
Contact Us