With multiple counting machines at work, at least Rs. 150 crores were unearthed during an I-T raid at a businessman’s home in Kanpur, Uttar Pradesh. According to reports, the I-T raid was conducted at the residence of Piyush Jain, a businessman working in the perfume industry and paan masala industry in India.

As the raid continued, several pictures and videos of I-T officials sitting on a floral sheet with hundreds of bundles of cash have emerged on Twitter. Further, one can see that there are multiple counting-machines deployed to count the money as soon as it can be counted. Reportedly, this has been the biggest recovery made in the history of the Central Board of Indirect Taxes and Customs (CBIC).

Contents hide
1. The Facts of the Matter
2. Visuals of Raid Show Wealth Created by Tax Evasion
3. Jain Was Involved in E-Way Bill Fraud
4. 40 Shell Companies Owned by Accused
5. GST Department Issues Statement

The Facts of the Matter

The I-T department on Thursday raided premises of a businessman based in Kanpur identified as Mr. Piyush Jain. From perfume industry to paan masala to having his own petrol pump, Mr. Jain has his fingers in several pies. Since morning the I-T department has recovered at least Rs. 150 crores from the residence of Jain, which is also the biggest recovery made by the CBIC.

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Visuals of Raid Show Wealth Created by Tax Evasion

Pictures showing the extreme amount of wealth Jain possessed have since gone viral on Twitter. These visuals show a huge pile of cash stuffed inside two huge wardrobes. The cash is bundled and wrapped in yellow plastic tape. While it can’t be verified, at least 30 huge bundles of cash were visible in each picture.

ANI also showed a video in which the officials of IT department, the CBIC department, and the GST intelligence unit can be seen sitting cross-legged with piles of cash around them. As they count the cash in the bundles, one can also see multiple note-counting machines kept to ease the process.

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Jain Was Involved in E-Way Bill Fraud

According to reports, the personnel of the DGGI (Directorate General of GST Intelligence) also conducted searches at the factory premises of the businessman who’s also pan masala manufacturer. The manufacturer used to transport goods under fake invoices without generating any mandatory e-way bills.  It should be noted that similar searches were conducted at different establishments owned by Jain in Gujarat and Mumbai.

40 Shell Companies Owned by Accused

According to a TOI report, Jain owns 40 companies and the tax evasion was done through these shell companies. During the raids, it was also unearthed that he had taken loans in the name of these companies and foreign transactions are also in the name of these companies. Among the 40 companies, 2 companies are based in the Middle East.

It should be noted that Jain has his offices in Kanpur, Kannauj and Mumbai. However, because his pan masala manufacturing units are set up on land bought by him, he has to conduct his business in Kanpur. Reportedly, Jain conducts his businesses in IttarwaliGali – a locality famous for its perfume trade.

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GST Department Issues Statement

The raids wren conducted on businesses owned by a M/s Trimurti Fragrances. The business also has a company which manufactures the pan masala brand called Shikhar. As the raid continued till the evening, the GST department issued a statement.

“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 may continue till (evening of) 24 December. The total amount of cash is expected to be in excess of ₹ 150 crores,” the statement read.