New Delhi, India: Vivek Johri, Chairman of the Central Board of Indirect Taxes and Customs (CBIC), informed news agency ANI on Friday that tax searches at locations associated to Piyush Jain, a Kanpur businessman involved in the perfume industry, resulted in the recovery of more than Rs 150 crore in cash.
"This is the biggest recovery in the history of the CBIC. No arrest has taken place so far," stated he.
Two mounds of cash were piled into two big wardrobes at Mr Jain's home, according to photos from the operation. Paper coverings were used to wrap the bundles and yellow tape was used to attach them. There are about 30 such bundles seen in each shot.
Officials from the CBIC, the IT department, and the Goods and Services Tax (GST) Intelligence unit were seen kneeling on a flowery sheet placed in the centre of a room, surrounded by additional cash stacks and three note-counting machines.
Raids on numerous locations in Uttar Pradesh, Gujarat, and Mumbai started on Thursday at a plant owned by M/s Trimurti Fragrances in Kanpur, Uttar Pradesh, which produces the Shikhar brand of pan masala and other scented tobacco products.
Raids were also conducted out at the offices and godowns of a carrier, M/s Ganpati Road Carriers, which is also based in Kanpur, before the action turned to Piyush Jain's location.
"Based on intelligence inputs, the residential premises of partners of M/s Odochem Industries... who were supplying perfumery compounds... was also searched," 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 statement added.
"The total amount of cash is expected to be in excess of ₹ 150 crores," the statement continued.
The money was connected to a goods transporter's delivery of items through fraudulent invoices and without e-way bills, according to GST authorities. These fictitious invoices were fabricated in the names of fictitious businesses.
More than 200 similar invoices - produced without GST payments - were discovered in four trucks inside the trader's warehouse, each for $50,000.