An official said that during a series of raids on premises belonging to Piyush Jain, money worth more than 257 crore as well as gold and silver were recovered.
GST Intelligence Managing Director Ahmedabad uncovered a major tax evasion racket involving Uttar Pradesh-based businessman Piyush Jain, on whose premises tax experts found 194.45 yen crore, 23 kg of gold and unrecorded raw materials worth 6 yen. crore.
Ahmedabad’s GST Intelligence zonal unit launched research operations at Odochem Industries, a maker of Shikhar-branded paan masala and tobacco products, in Kanpur on December 22.
According to details shared by the CEO of GSTI, 177.45 crore in cash was found in the Odochem factory and business premises in Kanpur, while 17 crore in cash and 23 kg of gold were found in residential premises in Kanauj, Uttar Pradesh. .
Since the gold bars recovered from Mr. Jain’s residence bear foreign markings, the Tax Intelligence Directorate (DRI) has been asked for further investigation in addition to the Income Tax Department because the recovery of 194.45 crore in cash is the largest in the history of the Central Commission on Indirect Taxes (CBIC).
The money was said to have been generated by shipping goods via fake invoices and without electronic waybills by a freight carrier.
Mr. Jain was arrested and brought to court where authorities obtained his 14-day custody. He will be brought to Ahmedabad for further investigation.
Additional Managing Director Vivek Prasad said in a statement that during questioning Mr. Jain agreed that the money collected from his premises was related to the sale of goods without paying the Goods and Services Tax (GST). .