177 crore seized from house of Kanpur perfume trader | Kanpur News

LUCK: In one of the biggest sales, a team of the Director General of the GST Intelligence Department (DGGI), Ahmedabad, recovered Rs 177 “cash not counting” from the residence of businessman Piyush Jain in Kanpur in a two-day raid on Thursday and Friday. More hidden money is likely to come out while some of his assets are in Kannauj still being searched.
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.

“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.


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