Vivek Johri, chairman of the Central Indirect Tax and Customs Commission (CBIC), told the news agency that a tax raid on premises associated with Piyush Jain, a Kanpur businessman in the perfume industry, has recovered more than 1.5 billion rupees in cash on Friday’s ANI.
“This is the largest recovery in CBIC history. No one has been arrested so far,” he said.
Photos from the raid showed two large closets filled with two piles of cash. These packages are wrapped in paper sleeves and secured with yellow tape. In each photo, you can see more than 30 such bundles.
Another photo shows officials from the CBIC, IT department and the Goods and Services Tax (GST) intelligence department squatting on a floral cloth in the center of the room, surrounded by more cash and three money counters. The raids on locations in Uttar Pradesh, Gujarat and Mumbai began on Thursday (and lasted until Friday) at a factory owned by M/s Trimurti Fragrances, which produces Shikhar brand pan masala and other flavored tobacco products-located Kanpur of the UP.
A raid was also carried out on the offices and warehouses owned by the transporter M/s Ganpati Road Carriers in Kanpur, after which the operation was transferred to the premises of Piyush Jain. “According to intelligence input, Odochem Industries, which supplies fragrance compounds in the residential premises of M/s partners… was also searched,” the goods and services tax department’s statement said.
“During the search process in the residential area, a large amount of cash wrapped in paper was found. With the help of officials from the National Bank of India (Kanpur), the cash counting process has been initiated and the process may continue until December 24 (evening night). )…” the statement said.
“Total cash is expected to exceed 1.5 billion rupees,” it further stated.
The goods and services tax official stated that the money was related to the shipment of goods without electronic waybills through forged invoices by freight forwarders. These fake invoices were created in the name of a fictitious company.
These invoices were each worth 50,000 rupees, and more than 200 such invoices were found in four trucks in the traders’ warehouse-no goods and services tax was paid.
Complete News Source : NDTV
