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Rs 197 Cr Recovered From Peeyush Jain Will Be Treated as ‘Case Property’: DGGI

The DGGI said media reports are "speculative", clarifies that tax liability of Peeyush Jain is yet to be determined.

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Junking media reports claiming money recovered during raid at premises of Kanpur businessman Peeyush Jain will be treated as "turnover", Directorate General of GST intelligence (DGGI) has now clarified that the reports are "purely speculative."

"These reports are purely speculative without any basis and seeks to undermine the integrity of the ongoing investigations which are being carried out in a most professional manner based on scientific intelligence against the party," DGGI in a press release on Thursday said.

Earlier, media reports had surfaced that the Rs 197 crore in cash recovered from the premises of Jain will be treated as turnover of the manufacturing unit and that Jain could get away after paying his tax dues and penalty to the tune of Rs 52 crore. DGGI has, however, now said that the tax liabilities are yet to be determined.

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"In this regard, it is clarified that the total amount of cash in the ongoing case from the residential and factory premises of M/s Peeyush Jain has been kept as case property in the safe custody of the State Bank of India pending further investigations. No deposit of tax dues have been made by M/s Odochem industries from the seized money to discharge their tax liabilities and the tax liabilities are yet to be determined."
Directorate General of GST intelligence (as per press statement)

Meanwhile, DGGI's lawyer claimed the money recovered from Jain's house was from the tax evasion over years by the businessman.

"The clandestine sale and purchase without bills and invoices was being done for years. Prima facie, tax liability of Rs 31.5 crore have been calculated and it will increase as the investigation progresses. He has admitted to tax evasion," DGGI's lawyer Ambrish Tandon said.

Jain, following his arrest, has been sent to 14 days judicial custody after court accepted DGGI's remand under relevant section of GST Act.

Jain's lawyer Sudhir Malviya, while refraining to divulge strategy of the defence in court against the accusations, told The Quint that they would be approaching the court with Jain's bail plea.

"We will be in a position to divulge details once we keep our side in court. We are in the process of preparing documents for bail and will move court on 1 January."
Sudhir Malviya, Peeyush Jain's Lawyer
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In the biggest cash seizure by officials of Central Board of Indirect Taxes and Customs (CBIC), the Ahmedabad unit of Directorate General of GST Intelligence (DGGI) conducted raids at Jain's Kanpur residence and other premises, including factories linked to him across Kanpur and Kannauj and found cash worth Rs 197 crore, gold and other precious items.

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Topics:  Tax Evasion 

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