The Directorate General of GST Intelligence (DGGI) on Thursday said that total cash recovered from the two premises of Kanpur Businessman Peeyush Jain was Rs 197.49 crore and it is a case property and not the turnover of his company.
“Investigations are being carried out in a most professional manner based on specific intelli- gence. Cash in the ongoing case from the residential and factory premises of Peeyush Jain has been kept as case property in the safe custody of the State Bank of India and further investigation is pending. No deposit of tax dues has been made by Odochem Industries from the seized money to discharge their tax liabilities and their tax liabilities are yet to be determined,” said a DGGI official.
The DGGI conducted raids at Odochem Industries, being run by Peeyush Jain, a manufacturer of perfumery compounds.
The DGGI recovered Rs 197.49 crore, 23 kg of gold and goods of high value from two premises belonging to Peeyush Jain. Earlier, it was reported that the DGGI had decided to treat the cash recovered from the premises of Peeyush Jain as the turnover of his company. It was also stated that after admitting his liability, Peeyush Jain has, with the approval of the DGGI, will deposit a total amount of Rs 52 crore as tax dues and will be freed from all allegations. It was also learnt that the DGGI department has agreed. with the deposition of Peeyush Jain and finalised the tax liability accordingly. However, on Thursday the DGGI made it clear that there was nothing going like that. The DGGI refuted all the claims.