In one of the biggest hauls, a team of Directorate General of GST Intelligence (DGGI), Ahmedabad, recovered Rs 177 crore of \u201cunaccounted cash\u201d from the residence of businessman Piyush Jain in Kanpur during a two-day raid on Thursday and Friday. More hidden money is likely to tumble out as some of his properties in Kannauj are still being searched.<\/p>\n\n\n\n
The search teams combed 11 premises of Jain and two of his partners \u2014 one is a pan masala manufacturer and the other is a transporter. The premises included factory outlets, offices, cold storages and petrol pumps in Kanpur, Mumbai and Gujarat. The raids started simultaneously at 11am.<\/p>\n\n\n\n
Officials said tax evasion of more than Rs 3 crore through shell companies was discovered. \u201cJain took loans in the name of shell companies and has huge foreign transactions,\u201d a source said, adding, \u201cDocuments are being scrutinised. SBI officials are helping count the seized money.\u201d<\/p>\n\n\n\n
Jain, who is originally from Chhipatti in Kannauj, is known primarily as a perfume merchant. He has around 40 companies, including two in West Asia, and owns a house, head office and a showroom in Mumbai.<\/p>\n\n\n\n
Explaining the modus operandi, sources in the department said multiple invoices, all below Rs 50,000 for a truckload, were generated in the name of fake firms to avoid paying GST. They added that 200 fake invoices were found and more than Rs 1 crore was seized from the transporter.<\/p>\n","protected":false},"excerpt":{"rendered":"
In one of the biggest hauls, a team of Directorate General of GST Intelligence (DGGI), Ahmedabad, recovered Rs 177 crore of \u201cunaccounted cash\u201d from the residence of businessman Piyush Jain in Kanpur during a two-day raid on Thursday and Friday. More hidden money is likely to tumble out as some of his properties in Kannauj […]<\/p>\n","protected":false},"author":1,"featured_media":49531,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15],"tags":[],"class_list":["post-49532","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-national"],"_links":{"self":[{"href":"https:\/\/kashmir.watch\/index.php?rest_route=\/wp\/v2\/posts\/49532","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/kashmir.watch\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/kashmir.watch\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/kashmir.watch\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/kashmir.watch\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=49532"}],"version-history":[{"count":0,"href":"https:\/\/kashmir.watch\/index.php?rest_route=\/wp\/v2\/posts\/49532\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/kashmir.watch\/index.php?rest_route=\/"}],"wp:attachment":[{"href":"https:\/\/kashmir.watch\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=49532"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/kashmir.watch\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=49532"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/kashmir.watch\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=49532"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}