Kanpur: The income tax conducted raid at the office and residence of perfume trader Piyush Jain, a Kanpur businessman and have recovered more than ₹ 150 crore cash, informed Vivek Johri, the Chairman of the Central Board of Indirect Taxes and Customs (CBIC) on Friday.
This is the biggest recovery in the history of the CBIC. No arrest has taken place so far,” he said.
The IT raids, which began on Thursday, 23 December, are still underway at the house, factory, office, cold store, and petrol pump linked to Jain in Kanpur, Kannauj, Mumbai, and Gujarat.
Photos from the raid showed the shelves of two iron cupboards filled with bundles of cash.
According to the officials, tax evasion of Rs 159 crore was unearthed during the raids. The Directorate General of GST intelligence of Gujarat raided the office and factory of the pan masala maker and a transporter who allegedly transported goods using fake invoices and showed their value Rs 50,000 to avoid generating e-bills.
The raids on multiple premises in Uttar Pradesh, Gujarat and Mumbai began Thursday at a factory owned by M/s Trimurti Fragrances, which manufactures the Shikhar brand of pan masala and other scented tobacco products in Uttar Pradesh’s Kanpur.
Raids were also carried out at offices and godowns owned by a transporter -M/s Ganpati Road Carriers, also in Kanpur after which the action shifted to Piyush Jain’s premises.
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.