Kanpur court has sent businessman Piyush Jain to 14 days of judicial custody after raids at his residence led to the recovery of over Rs 194.45 crores of cash, 23 kg gold and 600 kg sandalwood.
New Delhi: Directorate of Revenue Intelligence (DRI) has been roped after the Directorate General of GST Intelligence (DGGI) recovered approximately 23 kg of gold from the factory premises of Kanpur-based businessman Piyush Jain on Monday (December 27).
A senior DRI official said, "During the raid in residential/factory premises of M/s Odochem Industries at Kannauj approximately 23 kgs of gold was recovered. There were several gold bars that have foreign markings on them."
"We will be investigating to find out if the gold was smuggled to India and who were people involved in it. DRI is being roped in for necessary investigations," he said.
After Kanpur, a joint team of DGGI and Local Central GST took Jain to his factory and residence in Kannauj, which resulted in a cash recovery of cash and gold. The raid in the residential and factory premises of Odochem Industries is still underway.
UP trader Piyush Jain sent to 14-day judicial custody following recovery of unaccounted cash
Kanpur court has sent businessman Piyush Jain to 14 days of judicial custody after raids at his residence led to the recovery of over Rs 194.45 crores of cash, 23 kg gold and 600 kg sandalwood.
The Directorate General of GST Intelligence (DGGI) has searched for the residential and factory premises of Odochem Industries at Kannauj. During the searches at Kannauj, the officers have recovered an amount of about Rs 17 crores in cash. In addition, recovery of approximately 23 kgs of gold and huge unaccounted raw materials used in the manufacture of perfumery compounds, including more than 600 kgs of sandalwood oil hidden in underground storage, having a market value of about Rs 6 crores, have been made. The raid in the residential and factory premises of Odochem Industries is still underway.
Meanwhile, the DGGI had informed that the accused has admitted that cash recovered from his premises was related to the sale of goods without paying taxes.
"After intercepting four trucks operated by M/s Ganpati Road Carriers, carrying pan masala and tobacco of said brand cleared without payment of GST, the officers tallied the actual stock available in the factory with the stock recorded in the books and found the shortage of raw materials and finished products. This further corroborated that the manufacturer was indulging in the clandestine removal of goods with the help of a transporter who used to issue fake invoices to manage the transportation of said goods. The officers have also seized more than 200 such fake invoices. The manufacturers of Shikhar brand of pan masala/tobacco products have admitted and deposited an amount of Rs 3.09 crores towards their tax liability," the DGGI said in its release.
"The evidences collected during the searches conducted in the last five days are being investigated thoroughly to unravel the tax evasion," it added.
The DGGI arrested businessman Piyush Jain after recovering unaccounted cash sandalwood oil, perfumes worth crores from him. This is the biggest cash seizure in the history of the Central Board of Indirect Taxes and Customs, the apex body of the investigation agency Directorate General of GST Intelligence (DGGI), is conducting the search.
Courtesy: ANI
