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Rs 150 Crore (And Counting) Recovered In IT Raid On Piyush Jain UP Businessman

New Delhi: Raids at premises linked to a businessman who supplies perfume manufacturer Piyush Jain with raw materials have recovered Rs 150 crore cash, so far, IT department sources said.Photographs from the raid showed two mountains of cash – wrapped in paper and stuffed into two wardrobes. Another photograph showed IT and GST officials squatting in the middle of a room surrounded by piles more of cash and a lone note-counting machine.The raids began on Thursday and are still going on, sources have said.They are taking place in Kanpur in Uttar Pradesh, as well as Mumbai and Gujarat.The raids were initiated by GST (Goods and Services Tax) officials for tax evasion. After unearthing more details, the IT, or Income Tax, Department was also roped in.The money recovered is still being counted.GST officials said the money was linked to the dispatch of goods via fake invoices and without e-way bills. These fake invoices were created in the name of imaginary firms.These invoices were for Rs 50,000 each and more than 200 such invoices – created without GST payments – were found in four trucks inside the trader’s warehouse.All four trucks have been seized.

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