GST officers arrest Kanpur perfume trader, seize Rs 177 cr unaccounted cash

GST officers have arrested perfume trader Peeyush Jain and seized more than Rs 177 crore unaccounted cash from his house in Kanpur, the Finance Ministry said on Monday.

Further searches are underway at Jain's residential/factory premises in Kannauj, where about Rs 17 crore in cash have been recovered and further counting is underway, the ministry said in a release.

Besides, recovery of 23 kg of gold and huge unaccounted raw materials used in manufacture of perfumery compounds, including more than 600 kg of sandalwood oil, were found hidden in an underground storage, having a market value of about Rs 6 crore, have also been made at Jain's Kannauj premises.

"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 December 27," the ministry said in a statement.

The Ahmedabad unit of Directorate General of GST Intelligence (DGGI) on December 22 initiated search operations in Kanpur at the factory premises of manufacturers of Shikhar brand Pan Masala and Tobacco products, the office/Godowns of M/s Ganpati Road Carriers, Kanpur, and the residential/factory premises of M/s Odochem Industries, suppliers of perfumery compounds, at Kanpur and Kannauj.

The ministry in a statement said that the search proceeding which was initiated at the residential premises of the partners of M/s Odochem Industries located at 143, Anadpuri, Kanpur on December 22 has since been concluded.

"The total amount of unaccounted cash recovered and seized from this premises is Rs. 177.45 crore. This is the biggest ever seizure of cash by the CBIC officials. The documents seized from the premises are under scrutiny," it added.