Raid at the place of a perfume businessman and Samajwadi Party leader Piyush Jain (Piyush Jain) in Kanpur, Uttar Pradesh, cash of more than Rs 150 crore in IT Raid in Kanpu (approx Rs 150cr cash recovered) ) have been found. Heavy cash counting is still going on since yesterday. This is the biggest cash found in the raid in the history of CBIC so far. According to Vivek Johri, Chairman of the Central Board of Indirect Taxes and Customs (CBIC), about 150 crore rupees have been seized in the raids, whose counting is still going on. Visuals of counting of notes have emerged from the residence of businessman Piyush Jain in Kanpur. The officials have ordered many machines to count the notes. In Jain’s house, bundles of these notes were found stuffed in many cupboards. With the help of SBI officials, the process of counting of notes is still going on. It may end today by Friday.
Central Board of Indirect Taxes and Customs (CBIC) Chairman Vivek Johri said on the raid in Kanpur, “We got information that Trimurti Fragrances was working without invoice or payment of tax. We searched three of his institutions and recovered around Rs 150 crore in cash. This is the biggest ever recovery in the history of CBIC. No arrest has been made so far.”
CBIC President Vivek Johri said, “Fake challan and fake credit case registered GST law is that if your challan is more than a certain limit then you have to generate challan. During the search we found an item on which the rate of GST tax is 28% plus cess.
Let us inform that IT had detected fraudulent expenditure and shell companies worth crores of rupees after raids related to SP in its action started from December 18.
The Income Tax Department has unearthed fraudulent expenditure claims of crores of rupees and alleged transfer of share capital through shell companies. He recently raided some bodies in Karnataka and Uttar Pradesh and some of these people are related to Samajwadi Party.
On December 21, the Central Board of Direct Taxes (CBDT), which framed the policy for the tax department, said in a statement that 18 persons and their business bodies were involved in civil construction, real estate and running of educational institutions in Uttar Pradesh and Karnataka. The search was done in December. Raids were conducted on 30 premises.
The CBDT had said that an entry operator from Kolkata was also brought under the ambit of this search operation, during this operation 30 people in Lucknow, Mainpuri and Mau, National Capital Region, Kolkata and Bengaluru of Uttar Pradesh were brought under the scanner. The premises were searched. According to the statement, “prosecutable evidence” including original documents and digital data were seized during the search and preliminary analysis revealed tax evasion by various means.
It was found that several bodies engaged in civil construction work were indulging in fraudulent expenditure claims of crores of rupees, the statement said. Various prosecutable documents including blank bill books, tickets, signed check books of fake suppliers have been found and seized. The Income Tax Department said that in the case of a company, it came to know about the undisclosed income of its directors of 86 crores. The CBDT had said, the person concerned admitted that he had undisclosed income of Rs 68 crore and offered to pay tax.
According to the statement, in a matter of concern regarding ownership, the books of accounts relating to turnover of more than Rs 150 crore in the last few years could not be furnished. The department said that the route of shell companies was adopted for undisclosed income and investments.
SP sources had told that the premises of party spokesperson Rajiv Rai in Mau, Jainendra Yadav, former Chief Minister and SP chief Akhilesh Yadav’s special officer in Lucknow, businessman Rahul Bhasin and contractor Manoj Yadav in Mainpuri were raided. Rai termed these raids as politically motivated. Akhilesh Yadav said that whenever BJP is about to lose elections in Uttar Pradesh, then the misuse of enforcement agencies increases more.
Tax evasion worth crores of rupees has been detected during income tax raids on two businessmen in Kanpur. Income tax department raids were going on at the house, factory, office, cold store and petrol pump of perfume trader Piyush Jain in Kanpur, Kannauj, Mumbai and Gujarat. Piyush Jain also has a house, head office and showroom in Mumbai. Their companies are also registered in Mumbai itself. Piyush Jain, a resident of Anandpuri, is originally from Chhippatti in Kannauj. He also has a house, perfume factory, cold store, petrol pump in Kannauj.
Along with IT raids, on specific intelligence, officials of Directorate General of GST Intelligence (DGGI), Ahmedabad on Thursday searched factory premises in Kanpur and premises belonging to a pan masala manufacturer and a transporter (whose identity is yet to be revealed). started. The Income Tax team first reached Piyush Jain’s residence in Anandpuri in the city with a currency counting machine. Similar raids are going on at Jain establishments in Mumbai and Gujarat.
The raid was led by a team from Mumbai and under its supervision a team of Income Tax officials of Kanpur also conducted raids. According to officials, a case of tax evasion of about Rs 150 crore has come to the fore. This tax evasion has mainly been done through shell companies. The raids started simultaneously in Kanpur, Mumbai and Gujarat on Thursday morning and ended late in the night. More than Rs 150 crore cash has been recovered during the raids.
According to officials, Piyush Jain has around 40 companies, of which two are in the Middle East. Officials said they are mainly into the perfume business in Kannauj, while the group has a showroom in Mumbai from where perfumes are sold across the country and abroad.
During the raid it was also revealed that the company had taken loans in the name of shell companies. The company’s overseas transactions are also huge. Meanwhile, an IT official said that documents related to income and tax are being scrutinised. Similarly, raids were also conducted on factory premises and premises of a pan masala manufacturer and a transporter who was involved in transportation of goods under the guise of fake invoices, that too without generating e-way bills.
The transporter used to generate multiple challans in the name of non-existent firms, less than Rs 50,000 for a truck load, to avoid generation of e-way bills. The officials successfully intercepted and seized four such trucks outside the factory premises. More than 200 fake challans used for transportation without paying GST in the past have been recovered from the godown of the transporter.
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