Search teams scoured 11 properties of Jain and two of his partners – one was pan masala manufacturer and the other is the carrier. The facility includes factory outlets, offices, cold storage and petrol pumps in Kanpur, Mumbai and Gujarat. The mass raids began at 11 a.m.
Officials said tax evasion of more than Rs 3 crore through shell companies was discovered.
# WATCH | According to Central Indirect Tax Commission and Customs Chairman Vivek Johri, around Rs 150 crores were charged… https://t.co/43wWI6rI0z
– ANI (@ANI) 1640336184000
“Jain has received loans under the guise of shell companies and has large transactions abroad,” one source said, adding, “The documents are being scrutinized. SBI officials are helping tally the seized funds.”
Jain, who was originally from Chipatti in Kannauj, mainly known as a perfumer. He has about 40 companies, including two in West Asia, and owns a house, headquarters and a showroom in Mumbai.
Explaining how it works, ministry sources said many of the bills, all under Rs 50,000 for a lorry, were made in the name of fake companies to avoid paying GST. They added that 200 fake invoices were found and more than Rs 1 crore was seized from the carrier.
