The Rs 200 crore (and counting) recovered is the largest in the CBIC's history
Tax raids on Uttar Pradesh businessman Piyush Jain, who is part of the perfume industry, have so far recovered Rs 194.45 crore in cash and 23 kg in gold, the Directorate General of GST Intelligence (DGGI) said in a statement issued Monday evening.
The DGGI said it had recovered Rs 177.45 crore in cash from Mr Jain's home in UP's Kanpur (in a raid that began on Wednesday).
This is the biggest ever seizure of cash by CBIC (Central Board of Indirect Taxes and Customs) officials, the DGGI said.
In addition, officials also recovered Rs 17 crore cash and 23 kg of gold, as well as approximately 600 kg of unaccounted stores of sandalwood oil worth Rs 6 crore, from Mr Jain's factory in Kannuaj.
Kanpur IT Raid: Authorities recovered 23 kg of gold from Piyush Jain's factory
Searches of the Kannauj premises are ongoing and will continue till this evening, the DGGI has said.
The DGGI has also said Piyush Jain "has accepted that the cash recovered from the residential premises is related to sale of goods without payment of GST (Goods and Services Tax)".
Kanpur IT raid: Piyush Jain, arrested on Sunday, hails from Chuppatti in UP's Kannauj
Based on the seized cash and other evidence recovered from the raids, Mr Jain was yesterday arrested on tax evasion charges. On Monday he was sent to DGGI custody by a Kanpur court.
Mr Jain is the promoter of Odochem Industries, which supplies perfume compounds to Trimurti Fragrances - which makes the Shikhar brand of pan masala and other scented tobacco products.
Kanpur IT raid: Mountains of cash, wrapped in paper and plastic, were found at Piyush Jain's home
GST Intelligence officials have said the raids against him were initiated based on evidence gathered from raids on Trimurti Fragrances and a road transporter accused of generating illegal income by dispatching goods with fake invoices and without e-way bills.
Trimurti Fragrances has admitted culpability and deposited Rs 3.09 crores, the DGGI statement said.