Kannauj (Uttar Pradesh): The Directorate General of GST Intelligence (DGGI) on Wednesday concluded the raids at businessman Peeyush Jain's residence in Uttar Pradesh's Kannauj.
The Kanpur-based businessman was arrested on Sunday under Section 67 of the CGST Act after the recovery of unaccounted cash, gold and sandalwood running in hundreds of crores.
Zakir Hussain, Additional Director of DGGI said, "We have concluded our 'panchnama'. We have recovered gold, handed it over to DRI, but the probe is on. The gold which was recovered in Kanpur is separate...here, we recovered about Rs 19 crore cash. As per higher officials, this is the biggest cash recovery."
On Monday, the DGGI, which seized Rs 194.45 crores of cash, 23 kg gold and 600 kg sandalwood oil from Peeyush Jain's possession, said that the accused has admitted that the cash recovered was related to the sale of goods without payment of taxes. The DGGI further stated that it has seized more than 200 such fake invoices.
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Hussain added that the confiscated cash has been handed over to the authorities, while the gold has been handed over to the Directorate of Revenue Intelligence (DRI) for investigation. He also confirmed that this is the biggest cash recovery made so far.
Amit Dubey, who will be presented as a witness by the DGGI team, said that two cellars were ransacked during the five-day raid. The team also got Peeyush Jain's sons involved in the investigation, although they reportedly had no information about all the hidden black money.
"The statement of Peeyush Jain has been recorded wherein he has accepted that the cash recovered from the residential premises is related to the sale of goods without payment of GST," Hussain said.
"The evidence collected during the searches conducted in the last five days are being investigated thoroughly to unravel the tax evasion," it added. The accused has been sent to 14 days of judicial custody by a Kanpur court in the matter.
