Sunday, December 10, 2023

DGGI arrests Piyush Jain after unaccounted cash over Rs 187 cr recovered from premises

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Directorate General of GST Intelligence (DGGI) Ahmedabad has arrested businessman Piyush Jain under Section 67 of the CGST Act and recovered unaccounted cash over Rs 187 crores, raw and finished materials from him. Earlier on Sunday, DGGI had recovered Rs 10 crore more cash from the factory and residence of Jain, promotor of Odochem Industries of Kannauj district in Uttar Pradesh, official sources told ANI. The total cash allegedly recovered from Jain reached Rs 187.45 crore. The cash recovered during the search has been seized under the provisions of Section 67 of the CGST Act.

According to official sources, a joint team of DGGI and Local Central GST has recovered Rs 5 crores from Jain’s factory in Kannauj. Another Rs 5 crore has been recovered from the residence of Jain in Kannauj. According to officials, after Kanpur, they took Jain to his factory and residence in Kannauj which resulted in a cash recovery of Rs 10 crore. By Sunday morning the agency recovered a total of Rs of 187.45 cr. Another source supervising the search told ANI that DGGI has recovered unaccounted raw material and finished product worth crores.

Unaccounted sandalwood oil, perfumes worth crores have been seized from Jain’s factory. Interrogation of Jain is on and his statement is been recorded. As per sources, when the DGGI and Local Central GST team reached Jain’s premises on day one of the searches, he ran away and came back after two hours on several calls by investigating officers.

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