New Delhi: Directorate General of GST Intelligence (DGGI) has recovered ₹ 10 crore more cash from the factory and residence of perfume businessman Piyush Jain, promotor of Odochem Industries of Kannauj district in Uttar Pradesh, official sources said.
The total cash allegedly recovered from Jain reached ₹ 187.45 crore. The cash recovered during the search has been seized under the provisions of Section 67 of the CGST Act.
According to official sources, a joint team of DGGI and Local Central GST has recovered ₹ 5 crores from Jain’s factory in Kannauj.
Another ₹ 5 crore has been recovered from the residence of Jain in Kannauj. According to officials, after Kanpur, they took Jain to his factory and residence in Kannauj which resulted in a cash recovery of ₹ 10 crore.
By Sunday morning the agency recovered a total of ₹ of 187.45 cr. Another source supervising the search told ANI that DGGI has recovered unaccounted raw material and finished product worth crores.
Unaccounted sandalwood oil, perfumes worth crores have been seized from Jain’s factory. Interrogation of Jain is on and his statement is been recorded.
As per sources, when the DGGI and Local Central GST team reached Jain’s premises on day one of the searches, he ran away and came back after two hours on several calls by investigating officers.
Officials believe that Jain returned back after getting advice from his ‘associates’ and ‘lawyers’ on to what to reveal about the huge cash recovery.
Officials told ANI that Mr Jain is giving unconvincing explanations about the cash recovery. He said this “cash belongs to his relatives and brothers.”
He had taken names of some of his relatives and brothers, but when investigating officers questioned the relatives whose names were taken, they denied Jain’s claims.
Officials said that no one from Jain’s relatives came forward to accept his claim. Jain’s brothers have also denied the claim of Piyush Jain.
Officials said that they are trying to get the details of huge cash recovered from the promoter of Odochem Industries. Search is still on in Kanpur and Kannauj and investigation will continue until they find the real beneficiary of the cash seized from the premises of Jain.
“We want to know the source of such huge cash. Why such a huge amount of cash was collected, where was this cash supposed to be used, from where this cash came. Was the 143, Anandpuri, Kanpur, where ₹ 177.45 crore cash was recovered a collection centre of Perfume sale or it was used for some other purpose. The investigation will be on until it reaches its logical conclusion,” said an official.
This is the biggest cash seizure in the history of the Central Board of Indirect Taxes and Customs, the apex body of the investigation agency Directorate General of GST Intelligence (DGGI) who is conducting the search.
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