By Atul Krishan New Delhi, 28 Dec : .The Financial Intelligence agencies investigating the Kanpur/Kannauj Raid of Rs 200 Crore found that Piyush Jain’s company was sending perfume raw materials to Dubai.
In return, he received gold bars.
Officials from the Directorate General of GST Intelligence have taken the gold bars.
The matter has been investigated by a team of Revenue Intelligence officers (DRI).
On Monday, Jain’s factory premises and office were searched for 23kg gold and 600kg sandalwood oil with a market worth of around Rs 6 crore.They were then hidden in underground storage.A GST official stated that the DRI was brought in by the government to investigate the matter.
According to sources, the purpose of this investigation was to avoid paying taxes or Customs duties.
Jain also sent raw materials to Singapore-based companies for the production of purfume.
He also has connections in Singapore.He also used the same method to send raw materials for perfumes to Singapore.Sources said that not only perfume raw materials were being shipped abroad, but also other undeclared goods.”
Officials at GST stated that raids continue.
We have informed the DRI.”We have created a brand new file and will send it to Enforcement Directorate (ED).It is also an instance of money laundering.A GST official said that the ED would file a case based upon our investigation.
After being arrested in violation of Section 132 of the CGST Act, Jain was remanded by a local judge to 14 day judicial custody.
A GST official stated that Jain accepted the fact that cash he had taken from his residence was related to sales of goods, but not GST.
atk/arm
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