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Over Rs 177 cr cash seized from Kanpur trader Peeyush Jain, court told

Peeyush Jain in 14-day judicial custody

By: Express News Service | Lucknow |
December 28, 2021 4:17:03 am
About Rs 17 crore in cash and 23 kg of gold has been recovered from Jain's Kannauj residence, adding that further counting was underway. (PTI)

A Kanpur court on Monday sent 50-year-old perfume trader Peeyush Jain to 14 days’ judicial custody in connection with a tax evasion case.

The Goods and Service Tax (GST) authorities, which launched searches at the properties linked to the Kanpur-based trader last Wednesday, claimed to have recovered Rs 177.45 crore unaccounted cash. “As per the record provided by the GST authorities, Rs 177.45 crore in cash has been recovered from his premise in Kanpur,” said government counsel Nitika Srivastava.

While searches at Kanpur premises of Jain have concluded, it is still on in Kannauj, said Finance Ministry in a statement. It said that about Rs 17 crore in cash and 23 kg of gold has been recovered from Jain’s Kannauj residence, adding that further counting was underway.

“Huge unaccounted raw materials used in the manufacture of perfumery compounds, including more than 600 kg of sandalwood oil, were found hidden in underground storage, having a market value of about Rs 6 crore,” it said.

Acting on a tip-off, officials of the Directorate General of GST Intelligence (DGGI) of Ahmedabad unit reached Kanpur on Wednesday and began searches at the factory of Trimurti Fragrance Pvt Ltd, which manufactures Shikhar Pan Masala and tobacco products, and the office and godowns of Ganpati Road Carriers. The residential premises of partners of Odochem Industries in Kannauj, which supplies perfumery compounds, were also searched.

Jain was arrested on Sunday. He has been booked under section 132 of the Central Goods and Service Tax (CGST) Act.

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