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UP businessman Piyush Jain sent to 14-day judicial custody; all about raid, items seized

During searches at Odochem Industries' residential and factory premises in Kannauj, IT investigators were able to collect around Rs 194.45 crores in cash, according to the DGGI. 

UP businessman Piyush Jain sent to 14 day judicial custody all about raid items seized gcw
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Kanpur, First Published Dec 27, 2021, 8:51 PM IST
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A Kanpur court sentenced businessman Piyush Jain to 14 days in judicial custody on Monday after raids at his home yielded a substantial quantity of undeclared money, gold, and sandalwood. Raids are already underway at the Kanpur-based perfume entrepreneur Piyush Jain's residence and factories in what is being billed as India's most significant tax haul.
During searches at Odochem Industries' residential and factory premises in Kannauj, IT investigators were able to collect around Rs 194.45 crores in cash, according to the DGGI. The funds were reportedly related to shipment items by a goods carrier using forged invoices and no e-way bills.

Furthermore, the agency reported the seizure of roughly 23 kgs of gold and massive unaccounted raw materials used in manufacturing fragrance compounds, including more than 600 kgs of sandalwood oil stored in underground storage, with a market worth of around Rs 6 crores. According to the DGGI, because the gold discovered from Jain's premises bears foreign marks, the Directorate of Revenue Intelligence has been tasked with conducting the appropriate investigations.

Also Read | Kanpur-based perfume industrialist Piyush Jain arrested over tax evasion charges; to be produced in court

As per the agency, Jain, the promoter of Odochem Industries, has admitted that the cash collected from the residential premises is connected to the sale of commodities without the payment of GST. A further Rs 10 crore was confiscated from Jain's factory and apartment. Earlier in the day, businessman Piyush Jain was detained by the Directorate General of GST Intelligence Ahmedabad under Section 67 of the CGST Act.

The Central Board of Indirect Taxes and Customs, the highest body of the investigating agency Directorate General of GST Intelligence (DGGI), which is conducting the search, has made the largest cash seizure in its history.

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