Piyush Jain is the promoter of Odochem Industries, which supplies perfume compounds (File)
New Delhi:
Directorate General of GST Intelligence on Thursday refuted rumors about its proposed operation Rs 197.49 crore cash and 23 kg gold (estimated Rs 11 crore) It was recovered during raids on Uttar Pradesh-based businessman Piyush Jain last week.
The DGGI has said that it plans to treat the seized cash and properties as the business of Mr Jain’s perfumery compound manufacturing unit “was purely speculative without any basis and seeks to undermine the integrity of the ongoing investigation”. was trying…”
The DGGI also rejected Mr. Jain – who has been arrested on charges of tax evasion and whose confiscated assets represent the “biggest of every recovery” of the Central Board of Indirect Taxes and Customs – simply “taxes”. 52 crores as arrears” and will likely walk away. ,
Piyush Jain
“…Reports have come to the fore in certain sections of the media that DGGI has decided to treat the cash recovered as the turnover of the manufacturing unit and proposes to proceed accordingly. Some even said that its After accepting the liability, Piyush Jain, with the approval of DGGI, deposited a total of Rs 52 crore as tax arrears…” the DGGI statement said.
Kanpur IT Raid, Piyush Jain: Around Rs 200 crore found hidden by officials in his Kanpur home
“These reports are purely speculation, without any basis and seek to undermine the integrity of the ongoing investigation which is being conducted in the most professional manner…”
The DGGI said the recovered cash and assets are currently “pending further investigation in the safe custody of the State Bank of India”, which will include full computation of Mr. Jain’s tax liabilities.
Mr Jain’s lawyer Sudhir Malviya told news agency ANI that his client has an estimated liability of Rs 32.5 crore, though he also added that “they say the amount may increase in future.
The clarification comes amid speculation and political drama surrounding the raids at Mr Jain’s perfume compound factory in UP’s Kannauj and his house in Kanpur.
Kanpur IT Raid, Piyush Jain: Officials recovered 23 kg gold from businessman’s factory
Sources in the GST unit told NDTV yesterday Mr Jain’s investigation was not a case of mistaken identity, This was the result of “a focused investigation based on specific inputs”.
After political parties in UP – which will have a crucial assembly election in two months – lashed out at each other over Mr. Jain and Rs 200 crore.
The ruling BJP has claimed that the arrested Piyush Jain is the same person who launched a perfume in the name of rival Samajwadi Party, to which Akhilesh Yadav hit back saying the other person’s name is Pushpraj Jain.
With an eye on snatching votes from two different parties, the Congress also jumped in, with former Union minister P Chidambaram tweeting: “I guess the comedy won’t end here.”
Pushpraj Jain told NDTV that he has no relation with Piyush Jain and is “saddened by the low level of politics”.
ANI. with the input of
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