Economic Fraud
Tax Evasion Raid At Sikhar Pan Masala & Other Kanpur Traders: Over Rs 150 Cr Recovered In IT Raid
KANPUR: The income tax department has recovered over Rs 150 crore from the Kanpur-based perfume trader Piyush Jain’s bungalow. The Income Tax Department team stormed Jain’s residence on Thursday afternoon.
Notes in large boxes were discovered at Piyush Jain’s residence in the Anandpuri neighbourhood. Some images of it have also emerged. Interestingly, the raid came ahead of the upcoming UP assembly elections.
The images from the raid show that the notes were housed in boxes in the cabinet. The total amount of money was held in bundles of 500 rupee notes. These boxes were packaged in such a way that they could be easily couriered anywhere. According to sources, the IT team was raided with four currency counting machines. Later, more machines were called to count the notes.
According to IT insiders, the sum was so huge that they could only count Rs 40 crore from four machines till late at night. The remaining notes are being counted on Friday. After counting, the total is projected to exceed 150 crores. The SBI official has also been summoned to count the notes. With their assistance, money is being tallied.
According to Vivek Johri, Chairman, Central Board of Indirect Taxes and Customs, around Rs 150 crore have been seized in the raids, counting of which is still on.
“We got information that Trimurti Fragrances was working without invoice or payment of tax. We searched their three entities 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,” Vivek Johri, Chairman CBIC
Piyush Jain, according to authorities, owns roughly 40 businesses. This includes a large number of shell corporations. These corporations have been used to evade taxes. Kannauj produces perfume, and they have a showroom in Mumbai. Where perfume is sourced in the country and overseas.
On Wednesday, the premises of Shikhar Pan Masala were searched by GST and Income Tax officials. According to sources, the IT team got tax evasion information about Piyush Jain and betel nut seller KK Aggarwal during this raid. Following this, on Thursday, the IT team stormed the homes of Piyush Jain and KK Agarwal. There was no information available about what was seized from Agarwal’s home.
According to the GST Department, during the raids at the Shikhar Pan Masala plant, it was discovered that fraudulent invoices of less than 50 thousand rupees were generated in the name of the bogus entity in order to avoid generating e-way bills. 200 forged invoices were also found from four trucks parked behind the transporter. When the factory’s stock was checked, a significant disparity was found between raw materials and final items.
According to GST department sources, all three businessmen are linked to each another. Following the raid on Shikhar Pan Masala, both merchants had grown wary. However, the cash was seized before being disposed of after both businessmen were raided jointly.
Follow The420.in on
Telegram | Facebook | Twitter | LinkedIn | Instagram | YouTube
