Law Insider India

Legal News, Current Trends and Legal Insight | Supreme Court of India and High Courts

IT raids at businessman’s house so far worth Rs 150 crore found

1 min read
IT raids Rs 150 crore Law Insider

Mitali Palnitkar

Published On: December 24, 2021

IT raids began at the house, factory, office, petrol pump related to Kanpur businessman Piyush Jain and are still going on as on December 24, 2021. So far, cash worth Rs 150 crore has been found. These raids took place in Kanpur, Mumbai, Gujarat and Kannauj.

The Chairman of the Central Board of Indirect Taxes and Customs (CBIC), Vivek Johri who recovered the cash worth Rs 150 crore stated, “This is the biggest recovery in the history of the CBIC. No arrest has taken place so far.”

The Goods and Services Tax (GST) officials stated that the goods were dispatched through fake invoices and without any e-way bills by goods transporter out of which the money was made. Also, the fake invoices were created in the name of imaginary firms.

It has been found out that more than 200 fake invoices worth Rs 50,000 each were created without GST payments. These invoices were found in the trucks inside the trader’s warehouse.

The raids also took place at M/s Trimurti Fragrances and M/s Ganpati Road Carriers in Kanpur.

The officials stated, “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 Rs 150 crores.”