LUCKNOW: In one of the biggest incidents, a team of Ahmedabad’s Directorate General of GST Intelligence (DGGI) on Thursday recovered “unaccounted cash” worth Rs 177 crore from businessman Piyush Jain’s residence in Kanpur during a two-day raid. Friday. More hidden wealth is likely to fall in the form of some of their assets Kannauj Still being searched.
The search team searched 11 premises of Jain and two of his associates – one is pan masala The manufacturer and the other is the transporter. The complex included factory outlets, offices, cold storage and petrol pumps in Kanpur, Mumbai and Gujarat. The raids started simultaneously at 11 am.
Tax evasion of Rs 3.09 crore through shell companies
Officials said tax evasion of over Rs 3 crore has been detected through shell companies.
A source said, “Jain has taken loans in the name of shell companies and has done foreign transactions on a large scale.” Documents are being checked. SBI officials are helping in counting the seized money.
Jain, who is originally from hide In Kannauj, mainly known as a perfume trader. He has about 40 companies, two of which are in West Asia, and owns a home, head office and a showroom in Mumbai.
Explaining the methodology, sources in the department said that several challans of less than Rs 50,000 for a truckload were made in the name of fake firms to avoid paying GST. He said 200 fake challans were found and over Rs 1 crore was seized from the transporter.
The search team searched 11 premises of Jain and two of his associates – one is pan masala The manufacturer and the other is the transporter. The complex included factory outlets, offices, cold storage and petrol pumps in Kanpur, Mumbai and Gujarat. The raids started simultaneously at 11 am.
Tax evasion of Rs 3.09 crore through shell companies
Officials said tax evasion of over Rs 3 crore has been detected through shell companies.
A source said, “Jain has taken loans in the name of shell companies and has done foreign transactions on a large scale.” Documents are being checked. SBI officials are helping in counting the seized money.
Jain, who is originally from hide In Kannauj, mainly known as a perfume trader. He has about 40 companies, two of which are in West Asia, and owns a home, head office and a showroom in Mumbai.
Explaining the methodology, sources in the department said that several challans of less than Rs 50,000 for a truckload were made in the name of fake firms to avoid paying GST. He said 200 fake challans were found and over Rs 1 crore was seized from the transporter.
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