Source: NDTV
IT department sources on Friday morning informed that Rs 150 crore cash has been recovered thus far by raiding the premises linked to Piyush Jain, a Kanpur businessman associated with the perfume industry, reports NDTV.
Photographs from the raid show two wardrobes filled with money bundles wrapped in plastic and IT and GST officials squatting on a floral sheet surrounded by yet more piles of cash. Despite the three note-counting machines in the photograph, the total sum is still being counted. The businessman's premises in Kanpur in Uttar Pradesh, Mumbai and Gujarat are being raided.
The raids, which began on Thursday by Goods and Services Tax officials for tax evasion, are still ongoing. The Income Tax department was also roped in later.
The money is linked to the dispatch of goods using fake invoices of Rs 50,000 each in the name of imaginary firms and without e-way bills, GST officials said. About 200 such invoices were found in the four trucks inside Jain's warehouses. All four of them have been seized.