Tag: Piyush Jain

  • ‘BJP out to defame SP in alliance with IT, ED’: Akhilesh attacks Yogi

    Yadav made the allegation claiming that his party has nothing to do with Kanpur-based perfume trader Piyush Jain, who, he asserted, was close to the BJP.

  • DGGI denies reports of UP businessman Piyush Jain having paid Rs 52 cr as tax liability from seized cash

    Express News Service

    LUCKNOW: Amid charges and counter-charges by the political parties and the reports over the seizure of huge amounts of cash stashed on the Kanpur and Kannuaj premises of businessman Piyush Jain during the last couple of days, the Directorate General of GST Intelligence (DGGI) issued a clarification saying that the total amount of cash in the ongoing case recovered was kept as case property in the safe custody of the State Bank of India pending further investigations and the business had not made the payment of Rs 52 crore as penalty.

    Earlier, there were reports that the DGGI had considered Rs 177.45 crore recovered from the Kanpur premises of the businessman as the turnover of his earnings and had levied a penalty of Rs 52 crore on him for tax evasion. The reports in sections of media had also claimed that the businessman had made the payment of R 52 crore as a penalty and now to secure a bail would be easier for him.

    Currently, Jain is lodged in Kanpur district jail on a 14-day remand. He was arrested under Section 67 of the CGST Act on December 26 and was sent to jail by the court under Section 132 of the CGST Act. A case of tax evasion of over Rs 31 crore was registered against him.

    However, clearing the air on Thursday over the recovery and also in the context of ongoing investigations into M/s Odochem Industries, Kannauj, owned by Jain, the DGGI’s release said that a total cash of Rs 197.49 crore, 23 kg of gold, and offending goods of high value were recovered from two premises owned by Jain. 

    “The reports with regard to the DGGI deciding to treat the cash recovered as the turnover of the manufacturing unit and proposes to proceed accordingly are purely speculative,” said the release. It added that reports had also wrongfully stated that after admitting his liability, Piyush Jain had, with the approval of DGGI, deposited a total amount of Rs 52 crore as tax dues.

    “It is made out as if the department has agreed with the deposition of Shri Piyush Jain and finalised the tax liability accordingly. These reports are purely speculative, without any basis and seek to undermine the integrity of the ongoing investigations which are being carried out in a most professional manner based on specific intelligence against the party,” said the release.

    It further said that no deposit of tax dues was made by M/s Odochem Industries from the seized money to discharge their tax liabilities which were yet to be determined. “Further, the voluntary submissions made by Shri Piyush Jain are a subject matter of ongoing investigations and any view on the source of cash seized by the department and the exact tax liabilities of M/s Odochem Industries or other parties involved in the investigation shall be taken on the basis of appraisal of evidence collected from various premises during the searches and the outcome of further investigations,” the release added.

  • Unaccounted cash worth over Rs 177 crore seized from pan masala manufacturer in Kanpur

    Express News Service

    LUCKNOW: A total of Rs 177.45 crore cash was recovered and seized from the premises of Kanpur’s Perfume and Pan Masala manufacturer Piyush Jain, following raids conducted by the Directorate General of GST Intelligence (DGGI) officials of the Ahmedabad unit of the agency for almost 48 hours.

    As per the highly placed sources, the counting of cash recovered after the joint raids continued till past Friday midnight. Later the team of officials took Piyush Jain along for further interrogation over the alleged unaccounted wealth recovered from his premises in Kanpur and Kannuaj. Jain owns the firm named Trimurti Fragrance Pvt Ltd, Kanpur, and is also the manufacturers of Shikhar brand Pan Masala and Tobacco Products.

    However, the sources of the Central Board of Indirect Taxes and Customs (CBITC), the apex body of investigation agency Directorate General of GST Intelligence (DGGI), which initiated the raids, called it the biggest cash seizure in history. Sources claimed the DGGI is evaluating the alleged tax evasion by the party who is under investigation.

    The official sources claimed that the cash recovered and seized from the search under the provisions of section 67 of the Central Goods and Services Tax (CGST) Act was deposited in the State Bank of India. 

    “Most of the currency is of Rs 500 denomination. Some are of Rs 2000 denomination,” the top government source said.

    Claiming that the pan masala company had committed huge tax evasion and the wealth recovered during the raids as part of sales proceeds and it was kept hidden at the residence of the trader.

    Currently, assorted tobacco items, pan masala are among the products that attract the highest GST rate of 28 percent and also compensation cess. The sources claimed that the DGGI team is evaluating the magnitude of tax evasion by matching the sale of the pan masala.

    An amount of Rs 3.09 crores has been recovered so far towards tax due with Trimurti Fragrance.

    In fact, the whole search operation was conducted by the Ahmedabad unit of DGGI with the support of local officers.

    “No other agencies are involved in the operation as reported by in some media reports,” said sources.

    Sources said that some more firms including transporter M/s Ganpati Road Carriers were also under the scanner of the raid agencies. The premises of the transporter was also raided and the agencies found over 200 fake invoices, used in the past for transportation of goods without payment of GST.

    The transporter had also admitted that goods were being transported without e-way bills under the cover of fake invoices. He also admitted that the sale proceeds were being collected in cash, to be handed over to the manufacturer, the sources said. 

    Not only an amount of Rs 1.01 crores in cash was seized from the possession of the

    transporter but four trucks were also seized outside the factory premises.