Perfume trader Piyush Jain arrested in tax evasion charges
Kanpur-based perfume trader Piyush Jain has been arrested in tax evasion charges after his premises were raided by central agencies which uncovered over Rs 257 crore ($38.6 million) in cash as well as gold, silver, and property deeds.
A series of raids on properties owned by Jain had uncovered cash which authorities believe is linked to tax evasion, India Today reported. Authorities have alleged that the large amounts of cash recovered from Jain’s residences are the product of distributing goods using fake invoices and without e-way bills in order to avoid paying taxes.
Jain is expected to be taken from Kanpur to Ahmedabad for further legal action, Kanpur’s Joint Commissioner for Goods and Services Tax, Surenrda Kumar, told the Press Trust of India on the evening of December 26. The raid took over 120 hours with participation from the Income Tax Department, Central Board of Indirect Taxes and Customs, and Goods and Services Tax intelligence.
Deeds to 16 properties from Mumbai to Delhi were uncovered during the raid as well around 500 keys which authorities are still attempting to use to unlock around 18 lockers. Jain’s cars and residence were unassuming and he kept minimal staff to avoid scrutiny, India Today reported.
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