Special Public Prosecutor Amrish Tandon, representing DGGI, informed a court on Wednesday that Piyush Jain has disclosed that he evaded tax and imposed a fine of Rs 52 crore.
However, Piyush Jain’s counsel asked the court to direct the DGGI to deduct Rs 52 crore as fine owed to the trader and refund the balance amount.
Arrested Kanpur-based businessman Piyush Jain has asked the Directorate General of GST Intelligence (DGGI) to return the huge amount of cash seized from his premises after deducting tax and fine. Jain was arrested on charges of tax evasion and has been sent to judicial custody for 14 days.
However, his arrest has created a political storm. In Uttar Pradesh, the ruling BJP and the Samajwadi Party held talks over the surprise recovery of Rs 195 crore notes seized from premises owned by Piyush Jain.
Special Public Prosecutor Amrish Tandon, representing DGGIinformed a court on Wednesday that Piyush Jain has disclosed that he evaded tax and imposed a fine of Rs 52 crore.
Piyush Jain’s lawyerHowever, asked the court to direct the DGGI to deduct Rs 52 crore as fine owed to the trader and refund the balance amount.
Amrish Tandon replied that the amount recovered was tax evasion income and will not be refunded. The Special Public Prosecutor said if Jain wanted to pay an additional Rs 52 crore fine, the DGGI would accept it.
Tandon told the court that Rs 177 crore recovered from Piyush Jain’s residence in Kanpur has been deposited in the State Bank of India (SBI) and will remain with the Government of India.
In one of the biggest seizures in history, DGGI seized over Rs 195 crore in cash, 23 kg of gold and sandalwood oil worth Rs 6 crore during raids at several premises linked to Jain in Kanpur and Kannauj.
Officials searched the residential premises of Odochem Industries partner Piyush Jain in Kanpur and seized unaccounted cash worth Rs 177.45 crore. DGGI officials searched the residential and factory premises of Odokem Industries in Kannauj during a 120-hour raid and seized Rs 17 crore in cash.
To calculate such a huge amount, the DGGI officials sought help from State Bank of India (SBI) officials and their currency counting machines.
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