New Delhi: A Kanpur court on Monday sent businessman Piyush Jain to 14-day judicial custody after a raid at his residence in which over Rs 194.45 crore in cash, 23 kg of gold and 600 kg of sandalwood oil was recovered.
Directorate General of GST Intelligence (DGGI) Ahmedabad on Sunday arrested Odochem Industries promoter Piyush Jain under Section 67 of the CGST Act after unaccounted cash, raw and finished goods were recovered from him.
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The DGGI said that the search of the factory premises of Odochem Industries in Kannauj is in progress.
According to the report of news agency ANI, during the searches in Kannauj, the officials have been able to recover around Rs 17 crore in cash.
In addition, about 23 kg of gold and huge unaccounted raw materials used in the manufacture of aromatic compounds, including over 600 kg of sandalwood oil hidden in underground storage with a market value of around Rs 6 crore, have been recovered.
The search operation in Kannauj is likely to continue till evening, the DGGI said, adding that a total of Rs 194.45 in cash has been recovered so far.
Around 23 kg of gold was recovered during raids at the residential and factory premises of Odokem Industries in Kannauj. DGGI, as reported by ANI, since the recovered gold has foreign marks, Directorate of Revenue Intelligence (DRI) is being engaged for necessary investigation.
Official sources told ANI that a joint team of DGGI and Local Central GST had recovered Rs 5 crore from Piyush Jain’s factory in Kannauj on Sunday. Another Rs 5 crore was recovered from Jain’s residence in Kannauj.
Biggest cash seizure in the history of CBIC
Earlier, officials had told the news agency that Piyush Jain was giving unrelated explanations about cash recovery.
He claimed that this “cash belonged to his relatives and brothers”. He named some of his relatives and brothers, but when the investigating officers questioned the relatives whose names were taken, they denied Jain’s claims, ANI reported.
Officials said none of Jain’s relatives came forward to accept his claim. Jain’s brothers have also refuted Piyush Jain’s claim.
Officials are trying to get details of the huge cash recovered from the promoter of Odochem Industries.
“We want to know the source of such huge cash. Why was this huge amount of cash collected, where was this cash to be used, where did this cash come from. Was 143, Anandpuri, Kanpur, from where Rs 177.45 crore cash was recovered, was a collection center for selling perfume or was it used for any other purpose. The investigation will continue till it reaches its logical conclusion.
This is the biggest cash seizure in the history of the Central Board of Indirect Taxes and Customs, the apex body of the investigating agency GST Intelligence (DGGI), reported ANI.
(with agency input)
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