I-T department recovers over Rs 150 crore cash from perfume trader's residence

The I-T raid department raided residence and office of perfume manufacturer Piyush Jain and in a shocking development, unearthed Rs. 150 crore cash. A cash counting machine was also taken to Jain’s house. The process of counting currency notes is on with the help of SBI officials. The I-T department conducted similar raids at other establishments of Jain in Mumbai and Gujarat. Sources said the counting might get concluded by Saturday morning, resulting in the exact figure. The DGGI raided the factory of a pan masala manufacturer and office of a transporter, allegedly involved in evading tax worth crores by using fake invoices.

Officials said the transporter would generate multiple invoices in the name of non-existent firms, all below Rs 50,000 for one truckload, to avoid generating e-way bills. Four such trucks were intercepted outside the factory premises, they added. More than 200 fake invoices used in the past for transportation without payment of GST were recovered from the warehouse of transporter, officials said. The DGGI further said physical stock taking at the factory had resulted in the detection of a shortage of raw materials/finished goods. The DGGI is organising necessary follow-up action in the matter. Meanwhile, BJP national spokesperson Sambit Patra tweeted in Hindi about the massive cash recovery, targeting the Samajwadi Party. He said, “Samajwadi ka naara hai, janta ka paisa humara hai. In a GST raid on Piyush Jain who launched Samajwadi perfume at the party’s office, more than Rs 100 crore has been found; what kind of samajwadi (socialist) black money is this?"