Rs 150 crore in cash seized in tax raids on UP firm

Kanpur (Uttar Pradesh): Tax evasion worth crores of rupees has been detected during Income Tax raids on two businessmen in the city.

The I-T raid was underway at the house, factory, office, cold store and petrol pump of perfume trader Piyush Jain in Kanpur, Kannauj, Mumbai and Gujarat. Along with the I-T raid, on specific intelligence inputs, officers of the Directorate General of GST Intelligence (DGGI), Ahmedabad initiated searches in Kanpur on Thursday at the factory premises and the premises belonging to a pan masala manufacturer and a transporter (whose identity has not been shared so far) who was involved in transportation of goods under the cover of fake invoices, without generating e-way bills.

The Income Tax team first reached the Anandpuri residence of Piyush Jain in the city along with the currency counting machine. Similar raids were underway at Jain's establishments in Mumbai and Gujarat. According to officials, a case of tax evasion of about Rs 150 crore has come to the fore. This tax evasion was mainly done through shell companies.

Piyush Jain, a resident of Anandpuri, basically belongs to Chhipatti in Kannauj. He also owns a house, perfume factory, cold store, petrol pump in Kannauj. Piyush Jain also owns a house, head office and showroom in Mumbai. His companies are also registered in Mumbai itself.

The raids began on Thursday morning simultaneously in Kanpur, Mumbai and Gujarat and ended late in the night. Cash worth Rs 150 crore was reportedly found during the raids.