Sleuths of the Directorate General of GST Intelligence (DGGI) have recovered cash of Rs 150 crore from premises of Kanpur based perfume industrialist during search operations conducted on Trimurti Industries, manufacturers of the Shikhar brand Pan Masala and tobacco products. The department had to bring the counting machines and take help of the local bank officials to count the cash recovered during the search operation.
Though there was no official confirmation of raids and seizures, a senior tax- enforcement official said on the condition of anonymity that raids were conducted at Jain’s multiple premises in Kanpur, Gujarat and Mumbai began.
The residential and business premises of Kanpur industrialist Piyush Jain were raided on Thursday and Fri- day by sleuths of various anti-tax-evasion agencies, including the Income Tax Department, the Central Board of Indirect Taxes and Customs and the (GST) Intelligence unit, they said.
The searches were con- ducted based upon the information indicated clan- destine supply of goods by the manufacturer without payment of applicable tax. The transporter reportedly used to generate multiple invoices in the name of non-existent firms, all below Rs 50,000 for one full truck load, to avoid generation of E-way Bills. Some photo graphs of the alleged raids going viral on various social media platforms showed stacks of cash stuffed in large wardrobes at the residential premises of Jain in Kanpur.
Jain runs the perfume-manufacturing units also in Kannauj district, neighbouring Kanpur. The tax officials also raided a factory manufacturing ‘Shikhar’ brand of pan masala and other tobacco products. During raids at the residential premises, huge amounts of cash, wrapped in paper, has been found, the official added. The total amount of cash is expected to be in ex cess of Rs 150 crore, said on official.