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LUCKNOW: In one of many greatest hauls, a crew of Directorate Basic of GST Intelligence (DGGI), Ahmedabad, recovered Rs 177 crore of “unaccounted money” from the residence of businessman Piyush Jain in Kanpur throughout a two-day raid on Thursday and Friday. Extra hidden cash is prone to tumble out as a few of his properties in Kannauj are nonetheless being searched.
The search groups combed 11 premises of Jain and two of his companions — one is a pan masala producer and the opposite is a transporter. The premises included manufacturing facility shops, workplaces, chilly storages and petrol pumps in Kanpur, Mumbai and Gujarat. The raids began concurrently at 11am.
Tax evasion of Rs 3.09 crore by way of shell corporations
Officers stated tax evasion of greater than Rs 3 crore by way of shell corporations was found.
“Jain took loans within the identify of shell corporations and has big international transactions,” a supply stated, including, “Paperwork are being scrutinised. SBI officers are serving to rely the seized cash.”
Jain, who’s initially from Chhipatti in Kannauj, is thought primarily as a fragrance service provider. He has round 40 corporations, together with two in West Asia, and owns a home, head workplace and a showroom in Mumbai.
Explaining the modus operandi, sources within the division stated a number of invoices, all beneath Rs 50,000 for a truckload, have been generated within the identify of pretend corporations to keep away from paying GST. They added that 200 pretend invoices have been discovered and greater than Rs 1 crore was seized from the transporter.
The search groups combed 11 premises of Jain and two of his companions — one is a pan masala producer and the opposite is a transporter. The premises included manufacturing facility shops, workplaces, chilly storages and petrol pumps in Kanpur, Mumbai and Gujarat. The raids began concurrently at 11am.
Tax evasion of Rs 3.09 crore by way of shell corporations
Officers stated tax evasion of greater than Rs 3 crore by way of shell corporations was found.
“Jain took loans within the identify of shell corporations and has big international transactions,” a supply stated, including, “Paperwork are being scrutinised. SBI officers are serving to rely the seized cash.”
Jain, who’s initially from Chhipatti in Kannauj, is thought primarily as a fragrance service provider. He has round 40 corporations, together with two in West Asia, and owns a home, head workplace and a showroom in Mumbai.
Explaining the modus operandi, sources within the division stated a number of invoices, all beneath Rs 50,000 for a truckload, have been generated within the identify of pretend corporations to keep away from paying GST. They added that 200 pretend invoices have been discovered and greater than Rs 1 crore was seized from the transporter.
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