Lucknow: In one of the biggest hair, the Directorate General of GST Intelligence (DGGI), Ahmedabad, restored Rs 177 Crore “Counted Cash” from the residence of Piyush Jain’s businessman at Kanpur on Thursday and Friday.
More hidden money tends to fall because some of its properties on Kannauj are still being sought.
The search team combed 11 places Jain and two of their partners – one was PAN Masala manufacturer and the other was a transporter.
The premise includes factory outlets, offices, cold storage and gas stations in Kanpur, Mumbai and Gujarat.
Raids starts simultaneously at 11am.
Tax avoiders RS 3.09 Crore through Shelloficials companies said the embezzlement of more taxes than RS 3 Crore through a Shell company found.
“Jain took a loan on the name of the company’s shell and had a large foreign transaction,” said the source, added, “The document was being studied.
SBI officials help count the money seized.” Jain, who came from Chhipatti in Kannauj, was known to be a perfume trader.
He has around 40 companies, including two in West Asia, and has a home, head office and showroom in Mumbai.
Describing the modus operandi, the sources in the department said many invoices, all under 50,000 rs for trucks, were produced on behalf of fake companies to avoid paying GST.
They added that 200 fake invoices were found and more than RS 1 Crore confiscated from the transporter.