On Mega Money Haul From UP Dealer, Taxmen Reject “Speculative” Studies

Piyush Jain is the promoter of Odochem Industries, which provides fragrance compounds (File)

New Delhi:

The Directorate Common of GST Intelligence on Thursday refuted rumours about its proposed dealing with of the Rs 197.49 crore money and 23 kg of gold (price an estimated Rs 11 crore) recovered final week throughout tax raids on Uttar Pradesh businessman Piyush Jain.

The DGGI stated experiences it plans to deal with the seized money and belongings because the turnovers of Mr Jain’s perfumery compounds manufacturing unit had been “purely speculative, with none foundation and search to undermine the integrity of the continued investigations…”

The DGGI additionally dismissed speak Mr Jain – who has been arrested for tax evasion and whose seized belongings characterize the Central Board of Oblique Taxes and Customs’ “largest each restoration” – would merely pay Rs 52 crore as “tax dues” and probably stroll away.

“… experiences have appeared in sure sections of the media that DGGI has determined to deal with the money recovered because the turnover of the manufacturing unit and proposes to proceed accordingly. Some even acknowledged that after admitting his legal responsibility, Piyush Jain has, with the approval of DGGI, deposited a complete quantity of Rs 52 crore as tax dues…” the DGGI assertion stated.

Kanpur IT Raid, Piyush Jain: Officers discovered practically Rs 200 crore hidden in his Kanpur house

“These experiences are purely speculative, with none foundation and search to undermine the integrity of the continued investigations that are being carried out in a {most professional} method…”

The DGGI stated the recovered money and belongings had been at the moment within the “protected custody of the State Financial institution of India pending additional investigation”, which would come with a full calculation of Mr Jain’s tax liabilities.

Mr Jain’s lawyer, Sudhir Malviya, advised information company ANI his shopper’s estimated legal responsibility is Rs 32.5 crore, though he additionally stated “they are saying that quantity might enhance sooner or later.

The clarification comes amid livid hypothesis and political drama over the raids on Mr Jain’s fragrance compounds manufacturing unit in UP’s Kannauj and his house in Kanpur.

Kanpur IT Raid, Piyush Jain: Authorities recovered 23 kg of gold from the businessman’s manufacturing unit

Yesterday sources within the GST unit advised NDTV the investigation into Mr Jain was not a case of mistaken identification; it was the results of ” a centered investigation based mostly on particular inputs”.

That was after political events in UP – which can maintain a vital Meeting election in two months – took pot pictures at one another over Mr Jain and the Rs 200 crore.

The ruling BJP has claimed the arrested Piyush Jain is identical one who launched a fragrance named after rivals Samajwadi Get together, for whom Akhilesh Yadav hit again, declaring that the opposite particular person’s title is Pushpraj Jain.

With a watch on snatching votes away from the 2 squabbling events, the Congress additionally jumped in, with former union minister P Chidambaram tweeting: “I suppose the comedy won’t finish right here.”

Pushpraj Jain advised NDTV he has no hyperlinks with Piyush Jain and that he was “saddened by the low stage of politics”.

With enter from ANI