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Business EconomyPosted at: Dec 27 2021 10:07PM


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.

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