Home Business UP Businessman Piyush Jain Arrested After Recovery Of Over Rs 200 Crore In Tax Raids

UP Businessman Piyush Jain Arrested After Recovery Of Over Rs 200 Crore In Tax Raids

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New Delhi: Fragrance businessman Piyush Jain, promotor of Odochem Industries, has been arrested on Sunday on expenses of tax evasion. As per inputs, the whole restoration made within the searches reached practically Rs 257 crores.

The Directorate Normal of GST Intelligence (DGGI), Ahmedabad has been conducting raids on the manufacturing facility and residence of the fragrance businessman.

Earlier at this time, official sources advised ANI that the whole money allegedly recovered from Jain reached Rs 187.45 crore by Sunday morning. The money recovered in the course of the search has been seized beneath the provisions of Part 67 of the CGST Act.

In keeping with the sources, a joint workforce of DGGI and Native Central GST recovered Rs 5 crores from Jain’s manufacturing facility in Kannauj. One other Rs 5 crore was recovered from the residence of Jain in Kannauj.

After Kanpur, the workforce had taken Jain to his manufacturing facility and residence in Kannauj which resulted in a money restoration of Rs 10 crore.

DGGI recovered unaccounted uncooked materials and completed product price crores, one other supply supervising the search advised ANI. The recoveries included unaccounted sandalwood oil, perfumes price crores.

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Beforehand, the officers had advised the information company that Piyush Jain was giving unconvincing explanations in regards to the money restoration.

He had claimed that this “money belongs to his kinfolk and brothers.” He took names of a few of his kinfolk and brothers, however when investigating officers questioned the kinfolk whose names have been taken, they denied Jain’s claims, reported ANI.

Officers stated that nobody from Jain’s kinfolk got here ahead to just accept his declare. Jain’s brothers have additionally denied the declare of Piyush Jain.

Officers have been attempting to get the main points of big money recovered from the promoter of Odochem Industries.

“We wish to know the supply of such large money. Why such an enormous amount of money was collected, the place was this money supposed for use, from the place this money got here. Was the 143, Anandpuri, Kanpur, the place Rs 177.45 crore money was recovered a set centre of Fragrance sale or it was used for another goal. The investigation can be on till it reaches its logical conclusion,” an official stated.

That is the most important money seizure within the historical past of the Central Board of Oblique Taxes and Customs, the apex physique of the investigation company Directorate Normal of GST Intelligence (DGGI) which performed the search, ANI reported.

(With Company Inputs)

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