The Central Board of Indirect Taxes and Customs (CBIC) has unearthed ₹150 crore in cash after the tax authority raided a perfume company.
Vivek Johri, the Chairman of the Central Board of Indirect Taxes and Customs, said “This is the biggest recovery in the history of the CBIC. No arrest has taken place so far.”
The raids on multiple premises in Uttar Pradesh, Gujarat and Mumbai began Thursday at a factory owned by M/s Trimurti Fragrances – which manufactures the Shikhar brand of pan masala and other scented tobacco products – in UP’s Kanpur.
Raids were also carried out at offices and godowns owned by a transporter – M/s Ganpati Road Carriers, also in Kanpur – after which the action shifted to Piyush Jain’s premises.
“Based on intelligence inputs, the residential premises of partners of M/s Odochem Industries… who were supplying perfumery compounds… was also searched,” the GST department’s statement said.
“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 (evening of) 24 December…” the statement said.
“The total amount of cash is expected to be in excess of ₹ 150 crores,” it further said.
GST officials said the money was linked to the dispatch of goods via fake invoices and without e-way bills by a goods transporter. These fake invoices were created in the name of imaginary firms.
These invoices were for ₹ 50,000 each and more than 200 such invoices – created without GST payments – were found in four trucks inside the trader’s warehouse.