Rs. 150 crore cash seized from UP businessman's premises
Tax authorities seized over Rs. 150 crore in cash from multiple locations in Kanpur allegedly linked to businessman Piyush Jain—one of the biggest recoveries in recent years. Jain's businesses deal in pan masala and perfumes. No arrest has been made so far. The tax raid has triggered a fierce blame game between the ruling Bharatiya Janata Party (BJP) and the Opposition leaders.
Searches began on Wednesday
The Directorate General of GST Intelligence in Ahmedabad had received a tip-off following which searches were launched. Officials searched the factory premises of Trimurti Fragrance Pvt. Ltd., and the godowns of Ganpati Road Carriers. Thereafter, officials shifted focus to Jain's properties. Visuals from the raid showed two mountains of cash stuffed into two large wardrobes at the trader's house.
36 hours and 5 counting machines
It took officials 36 hours and five counting machines to calculate the amount of money they had recovered from Jain. "This is the biggest recovery in the history of the CBIC (Central Board of Indirect Taxes and Customs)," its chief Vivek Johri said.
'Huge amounts of cash wrapped in paper'
"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 24 December," according to an official statement. "The total amount of cash is expected to be in excess of Rs. 150 crores."
Over 200 fake invoices found
Tax officials said the recovered money was linked to the dispatch of goods through fake invoices. The invoices had been issued in the name of bogus or non-existent firms. More than 200 such bills—each for under Rs. 50,000—were reportedly found in four trucks parked inside the businessman's warehouse. All four trucks have since been seized.
Raid triggers political blame game
Leaders of both the BJP and Samajwadi Party have accused each other of having links with Jain. "The Samajwadis have a slogan that the people's money is theirs," tweeted BJP national spokesperson Sambit Patra. Meanwhile, Anurag Bhadouria of the SP said, "The Kanpur businessman is part of the BJP's share...The SP has nothing to do with this friend of the BJP or his perfume."
