Demonetisation Couldn't Stop People From Hoarding Cash, Recent Multi-Crore Raids Prove It!

The multi-agency raids on the premises of Kanpur perfume trader Piyush Jain which started on December 22 have concluded.

Directorate of Revenue Intelligence (DRI) and Directorate General of Goods and Services Tax Intelligence(DGGI) which raided Jain's house and factories over a period of one week unearthed a whopping Rs 177 crore from his Kanpur house and another Rs 19 crore from his residence in Kannauj.

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In addition to this, 23 kgs of gold worth Rs 11 crores, and 600 kgs of Sandalwood oil worth Rs 6 crores were also recovered from him.

The counting of notes was on for the past five days with the help of State Bank of India officials and 20 note counting machines. The notes were put in big cartons and sealed by the team. The financial intelligence teams had to take help of extra labourers and a truck to take the cash to SBI branch.

According to Vivek Johri, the Chairman of the Central Board of Indirect Taxes and Customs (CBIC) the cash recovery is the "biggest haul ever" in the agency's history.

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Jain who was arrested by DGGI has accepted that the cash recovered from the residential premises is related to the sale of goods without payment of GST. He has been sent to 14 days of judicial custody.

While the recovery from Jain is the biggest cash recovery by CBIC, it is not the biggest seizure in India in terms of total unaccounted assets recovered.

Rs 500 crore transactions by Gujarat firm

In the first week of December, the Central Board of Direct Taxes (CBDT) had said that the agency had detected unaccounted transactions of over Rs 500 crore last month after it raided a Gujarat-based group engaged in the manufacture of stainless steel and metal pipes, the CBDT said on Tuesday. The searches were launched on November 23 at thirty premises of the unidentified group in Ahmedabad and Mumbai.

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¡°A large number of incriminating documents, loose sheets, digital evidence etc. have been found and seized. These evidences contain detailed records of the group¡¯s unaccounted income on which due taxes have not been paid," the Central Board of Direct Taxes (CBDT) said in a statement.

Rs 140 cash from Hyderabad pharma company

The income tax department found unaccounted income to the extent of Rs 550 crores and seized unexplained cash amounting to Rs 142.87 crores from a Hyderabad-based major pharmaceutical group during a series of raids conducted in October this year.

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The company was into manufacturing Covid treatment drugs and exported its medicines to the US, Europe, the Middle East and Africa.

Rs 100 crore from Mumbai real estate group

In December the Income Tax Department unearthed various methods of tax evasion adopted by the real estate group, engaged in the construction of residential and commercial projects, in Mumbai and Navi Mumbai Region.

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Several documentary and digital evidences have been found and seized demonstrating receipt of cash to the tune of Rs 100 crore.

Rs 500 crore assets from Godman

In October 2019, the Income Tax Department found undisclosed income worth Rs 500 crore and links to investments in tax havens by self-styled godman Kalki Bhagwan, his family, and trusts run by them during a massive search operation covering 40 premises across various states.

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Searches were conducted in Chennai, Hyderabad, Bangalore, and Varadaiahpalem in entities linked to the self-styled Godman.

82 plots, 25 shops, Rs 2.26 crore from IRS officer

In January 2019, an Indian Revenue Service (IRS) officer, Sahi Ram Meena, an additional commissioner deputed in the Narcotics Control Bureau in Kota, Rajasthan was arrested by the state anti-corruption bureau (ACB).

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In the raids, documents of 82 plots, over 25 shops, a bungalow in Jaipur¡¯s posh colony, a flat in Mumbai, a petrol pump, a marriage garden and nearly 2 hectares of agriculture land were recovered from him. The Jaipur bungalow alone is estimated to be worth nearly Rs 20 crore.

That is not all, jewellery and other valuables worth Rs 6.22 lakh and currency of nearly Rs 2.2 crore was also recovered from him.

Rs 13 lakh recovered from drainage pipes

While Rs 13 lakhs doesn't sound much, compared to the figures mentioned in the previous cases, the place from where it was found had made headlines recently.

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In November this year, anti-corruption bureau sleuths raided the residence of a junior engineer of the Public Welfare Department (PWD) in Karnataka¡¯s Kalaburagi district and seized cash worth Rs 13 lakh from one of the drainage pipes at his home.

A total of Rs 54 lakhs in cash was recovered from the officer, out of which Rs 13 lakhs was hidden in drainage pipes, after he apparently ran out of space to store it.

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