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Rs 196 Crore, 23 Kg Gold Bars, 2 Cities: Week-Long Raid On UP Trader Ends


The raids, which began in Kanpur on December 22, led to Kannauj right now

(*23*)New Delhi, Lucknow:

The tax raid towards an Uttar Pradesh businessman, which shocked the nation with visuals of heaps of forex notes and a number of machines deployed to rely them, has lastly ended every week after it started.

A complete of Rs 196 crore in money, 23 kg of gold price about Rs 11 crore and 600 kg of sandalwood oil price practically Rs 6 crore have been recovered within the weeklong raids that spanned the cities of Kanpur and Kannauj.

When the media reached the residence of businessman Piyush Jain in Kannauj, his son mentioned, “I consider within the legislation. No matter is correct or improper will come out.” He refused to talk additional.

Zakir Hussain, Extra Director of Directorate Normal of GST Intelligence, instructed the media in Kannauj, “We have now concluded the raid right here and handed over the gold to DRI [Directorate of Revenue Intelligence]. Investigation is on.”

Earlier, Jain was arrested on expenses of evading Items and Providers Tax from Kanpur. The restoration from his premises is the largest within the historical past of the Central Board of Oblique Taxes and Customs, chairman Vivek Johri has mentioned.

Sources mentioned preliminary investigation has revealed that Jain exported uncooked supplies for perfumes to Dubai in alternate for gold bars. The gold bars seized from his premises have international markings and the DRI is now probing how he evaded customs responsibility whereas importing them, the sources mentioned. The probe has additionally revealed that Jain allegedly exported the perfumery compounds to Singapore, the sources added.

The raids, which began in Kanpur on December 22 and led to Kannauj right now, made headlines with surprising visuals of heaps and sacks stuffed with forex notes. As tax officers and currency-counting machines labored time beyond regulation, investigators put collectively the items of how an unassuming businessman allegedly amassed this mountain of money and gold.

Based on the investigators, Jain and his brother Ambrish Jain learnt to fabricate perfumes from their father, a chemist, and their enterprise thrived after they began promoting fragrance elements to pan masala producers. The brothers got here underneath the probe businesses’ radar as a result of they took all funds in money.

Based on investigators, the GST intelligence unit, following inputs of tax evasion, laid a entice for a pan masala producer and the path led them to Jain. Neighbours have been shocked to know that Jain, who rode a scooter and lived merely, had amassed this big wealth.

Jain and the huge restoration from his premises additionally entered the Uttar Pradesh election speeches, with the incumbent BJP and the prime challenger Samajwadi Occasion accusing one another of backing the businessman.

Whereas the BJP alleged that Jain is the businessman who not too long ago launched the “Samajwadi fragrance”, Akhilesh Yadav denied this, claiming a mix-up between Piyush Jain and his social gathering’s Pushpraj Jain. Mr Yadav alleged that the Kanpur businessman was in contact with BJP leaders.



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