Kanpur:Rs 150 crore found at UP trader's home during raid

In a big raid, the Income Tax and GST officials have recovered more that Rs 150 crore from a premises linked to Piyush Jain, a Kanpur businessman who is part of the perfume industry. As per iformati this is the biggest recovery in the history of the CBIC. No arrest has taken place so far. The raids on multiple premises in Uttar Pradesh, Gujarat and Mumbai began Thursday at a factory owned by M/s Trimurti Fragrances - which manufactures the Shikhar brand of pan masala and other scented tobacco products - in Uttar Pradesh's Kanpur. Raids were also carried out at offices and godowns owned by a transporter - M/s Ganpati Road Carriers,in Kanpur - after which the action shifted to Piyush Jain's premises.

According to GST statement, based on intelligence inputs, the residential premises of partners of M/s Odochem Industries... who were supplying perfumery compounds... was also searched. During the search proceedings at the residential premises, huge amounts of cash, wrapped in paper, has been found. The process of counting of cash has been initiated with the help of officials of State Bank of India Kanpur), which was continue till report las came in, the statement said.

GST officials said the money was linked to the dispatch of goods via fake invoices and without e-way bills by a goods transporter. These fake invoices were created in the name of imaginary firms. These invoices were for Rs 50,000 each and more than 200 such invoices - created without GST payments - were found in four trucks inside the trader's warehouse. All four trucks have been seized.Piyush Jain also owns a house, head office and showroom in Mumbai. His companies are also registered in Mumbai. According to officials, Piyush Jain has around 40 companies, including two in the Middle East. "He is mainly into the perfumery business with its base in Kannauj, while the group owns a showroom in Mumbai from where perfumes are sold all over the country and abroad,"