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HomeNationalPiyush Jain Raids: Over Rs 177.45 Crore Cash, Assets Seized by DGGI

Piyush Jain Raids: Over Rs 177.45 Crore Cash, Assets Seized by DGGI

HIGHLIGHTS:

  • Piyush Jain has been arrested by Income Tax officers on a charge of the evasion of goods and services.
  • Directorate General of GST intelligence seizes Rs 177.45 crore cash in raids on Perfume Company.
  • This is the biggest recovery in the history of CBIC.

Kanpur-based businessman Piyush Jain has been arrested by Income Tax officials on charges of evasion of goods and services. This is the biggest cash recovery by the Central Board of Indirect Taxes and Customs (CBIC), in which over 177.45 crore cash, 250 kg silver, 25 kg gold, 300 keys were seized on Sunday night.

Official sources told ANI that the Directorate General of GST Intelligence (DGGI) Ahmedabad recuperated over ₹10 crores in cash from the factory and home of perfume baron Piyush Jain, promoters of Odochem Industries in the Kannauj region in Uttar Pradesh. Sources said that unaccounted sandalwood oil, perfume worth crores have also been seized from Mr Jain’s factory.

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ANI Digital said that” Kanpur: Directorate General of GST Intelligence seizes Rs 177.45 crore cash in raids on perfume company!!!!! #Kanpur”

Central Board of Indirect Taxes and Customs (CBIC) chairman Vivek Johri told news agency ANI on Friday, “This is the biggest recovery in the history of CBIC. No arrests have been made so far.”

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The cash recovered from the search has been confiscated and deposited in the State Bank of India under the provisions of section 67 of the Central Goods and Services Tax (CGST) Act.

Gaurav Agarwal
Gaurav Agarwal
Gaurav Agarwal is a content writer who has a keen interest in sports, fashion, and lifestyle. He is a post-graduate in Economics and loves to listen to classic old Hindi songs and travel to new places in his leisure time.
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