Last Updated on December 28, 2021 at 2:34 pm
Piyush Jain, a Kanpur-based businessman has been booked under section 69 of Central Goods and Services Tax (CGST) Act for tax invasion. Central agencies raided his premises and location linked to Piyush Jain.
Piyush is in headlines recently as 284 crores in cash form have been seized from his premises during the continuous raids going on. The perfume trader was later arrested by the Directorate General of GST Intelligence (DGGI) on charges of tax evasion.
As per reports, officials required 20 cash-counting machines and many of SBI officials have been called to count the money which is still being recovered from the businessman.
It is quite surprising as Jain lead a very simple life and he used to ride a scooter and had a hatchback car in the house. But it is quite interesting how come the simple living man has so much of the cash at his home and how the businessman caught is an interesting story as told by the Directorate General of GST Intelligence (DGGI).
Apart from the huge amounts of cash, the DGGI also recovered unaccounted raw material including more than 600 kilograms of sandalwood oil hidden in an underground storage. The sandalwood oil has a market value of over Rs 6 crore. Along with this, 23 kg of gold was also recovered.
The story of Jain started to clear out when DGGI took action in a matter related to non-payment of GST of tobacco and pan masala loaded in four trucks. The trucks belonged to Ganpati Road Carrier and DGGI officials reached Shikhar Pan Masala factory where officials recovered more than 200 fake invoices in the name of Ganpati Road Carrier.
Makers of Shikhar Gutkha admitted that they owed tax and deposited Rs 3.09 crore. Meanwhile, the name of another partner of Shikhar Gutkha was highlighted- Odocam Industries.
Jain is the owner of Odocam Industries and officials soon raided the company’s registered address in Kanpur, which was Jain’s house in Anandpuri.
