'Biggest haul ever': Rs 150 cr in cash seized in tax raids on UP firm

Vivek Johri, the Chairman of Central Board of Indirect Taxes and Customs (CBIC) on Friday said that the cash recovery of approximately Rs 150 crore from searches in Kanpur at several locations related to Trimurti Fragrance is the 'biggest haul ever'.

The teams of CBIC are currently at various premises of businessman Piyush Jain counting cash.

"We got the information that Trimurti Fragrances was working without an invoice or tax payment. We searched their three entities and recovered approximately Rs 150 crore cash. This is the biggest recovery ever in the history of CBIC," Johri told ANI.

Briefing about the details of the searches, Johri said, "Ahemdabad unit of DGGI received intelligence that pan masala and G company Trimurti Fragrance, manufacturers of a branded Gutkha, are transporting materials without any invoices and without paying taxes."

"DGGI Ahmedabad team started searches on the manufacturer of Pan Masala and their supplier. A transporter and a fragrance company of Unnao were also searched as they were providers of fragrance to the pan masala company," he added.

Johri also said that one of the parties involved has accepted the case of tax evasion and has deposited Rs 3 crore for the same.

"No arrest has been made yet," he added.

As per the GST law, if the invoice is more than a certain limit, then it is necessary to generate invoices.

During searches, DGGI found an item on which the Goods and Services Tax (GST) tax rate was 28 per cent plus cess, Johri informed.

"The probe further revealed that these people were dispatching material without any invoice and e-way bills. Two-three parties are involved in this. All the invoices we found were fake. Value of the item suppressed," Johri added.

"A case of fake invoicing and fake credit has been reported...Those involved were dispatching material without any invoice and e-way bills. All the invoices we found were fake. Value of the item suppressed," he informed.

The CBIC Chairman also informed that counting of the seized cash is underway.