Monday, Nov 28 2022 | Time 14:14 Hrs(IST)
image
Business Economy


A whopping Rs 177 crore cash seized by DGGI from Kanpur-based perfume trader

New Delhi, Dec 26 (UNI) In its biggest ever seizure of cash, the central GST authorities have recovered Rs 177 crore from the premises of Kanpur-based Odochem Industries.

The Ahmedabad unit of Directorate General of GST Intelligence (DGGI) on December 22 had launched a massive search operations in Kanpur at the factory premises of manufacturers of Shikhar brand Pan Masala, Ganpati Road Carriers, and perfume trader Odochem Industries.

The alleged unaccounted cash at the places associated with the suspected tax evaders was so huge that it took days to just count the bank notes.

The DGGI officers also searched the residential and factory premises of Odochem Industries at Kannauj. In addition to cash, the tax officials have also recovered around 23 kg of gold and more than 600 kg of sandalwood oil hidden in an underground storage having a market value of about Rs 6 crore.

"Since the gold so recovered is having foreign markings, Directorate of Revenue Intelligence (DRI) is being roped in for necessary investigations," the DGGI said in a statement.

Meanwhile, on the basis of evidence collected during investigations so far, Peeyush Jain, Partner of Odochem Industries, Kannauj was interrogated by the DGGI officers.

His statement has been recorded wherein it has been claimed by tax authorities that Jain has accepted that the cash recovered from the residential premises is related to sale of goods without payment of GST.

"In view of the overwhelming evidences available on record indicating large scale evasion of GST by M/s Odochem Industries, Kannauj, Shri Peeyush Jain has been arrested on 26.12.2021 for commission of offences prescribed under section 132 of the CGST Act and has been produced before the Competent Court on 27.12.20221," the official statement said.

The evidence collected during the searches conducted in last five days is being investigated thoroughly to unravel the tax evasion, it added.

UNI NK
More News
Volkswagen Aurangabad plant goes green

Volkswagen Aurangabad plant goes green

28 Nov 2022 | 1:43 PM

Aurangabad, Nov 28 (UNI) Auto major Volkswagen Group said its Aurangabad facility has transitioned to 100 per cent green energy, well ahead of its 2025 target.

see more..
Honda Cars India signs agreement with MSTI

Honda Cars India signs agreement with MSTI

28 Nov 2022 | 1:38 PM

Mumbai, Nov 28 (UNI) Car major Honda Cars India Ltd (HCIL) on Monday said it has signed an agreement with Maruti Suzuki Toyotsu India Pvt Ltd (MSTI) to offer its customers an end-to-end solution for scrapping their End of Life Vehicles (ELVs).

see more..

Switch Mobility partners with JSW Steel

28 Nov 2022 | 1:12 PM

Mumbai, Nov 28 (UNI) Switch Mobility Ltd (Switch), the next-generation carbon neutral electric bus and light commercial vehicle company, said it has partnered with JSW to introduce electric buses for employee transportation in India.

see more..

ELVs scrap : Honda Cars India signs agreement with MSTI

28 Nov 2022 | 12:46 PM

Hyderabad/ Delhi Nov 28 (UNI) Honda Cars India Limited (HCIL), a leading manufacturer of premium cars in India, on Monday announced that it has signed an agreement with Maruti Suzuki Toyotsu India Private Limited (MSTI) to offer its customers an end-to-end solution for scrapping their End of Life Vehicles (ELVs).

see more..

Pluckk clocks USD 5 mn record revenue

28 Nov 2022 | 10:40 AM

New Delhi, Nov 28 (UNI) Pluckk, a fresh produce food-tech venture, owned by Fruveggie Tech Private Limited, on Monday said that it has clocked a record revenue of USD 5 million in a short span of time since its launch in January 2022.

see more..
image