Mitali Palnitkar
Published On: December 30, 2021 at 14:08 IST
Piyush Jain, the Kanpur-based businessman who was Arrested for Tax Evasion had asked the Directorate General of GST Intelligence (DGGI) to return the cash seized from his premises after deducting the Tax and Penalty. Recently Jain was sent to Judicial Custody for 14 days.
Amrish Tandon, the Special Public Prosecutor, who represents DGGI had informed the Court on December 29, 2021 that Jain was liable for Tax Evasion and owed a Penalty of Rs 52 Crore.
The Court was requested to instruct DGGI to deduct the amount of Rs 52 Crore owed as penalty by Jain and return the remaining amount, by the lawyer of Piyush Jain.
Tandon stated that the amount recovered would not be returned as it was proceeds of Tax Evasion. He added that DGGI would accept returning the amount if Jain paid an additional amount of Rs 52 Crore as a Penalty.
Tandon informed the Court that the amount of Rs 177 Crore recovered from Jain’s residence in Kanpur was deposited in the State Bank of India and will be held by the Government of India.
The DGGI had seized over Rs 195 Crore in cash, 23 kilograms of gold, and sandalwood oil worth Rs 6 Crore during raids at Jain’s premises in Kanpur and Kannauj.
The seizure was one of the biggest seizures conducted. The cash worth 177.45 Crore was seized from residential premises of Jain, partner of Odochem Industries in Kanpur. Also, cash worth Rs 17 Crore was seized from residential and factory premises of Odochem Industries in Kannauj.
