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DGGI has “so far” recovered “a total cash of ₹197.49 crore, 23 kg of gold and offending goods of high value” from two premises of of Odochem Industries, the manufacturer of perfumery compounds and its proprietor Jain in the “ongoing” investigation, the ministry said in a statement.
The statement said, “Some reports have even stated that after admitting his liability, Shri Peeyush Jain has, with the approval of DGGI, deposited a total amount of ₹52 crore as tax dues. Thus, it is made out as if the department has agreed with the deposition of Shri Peeyush Jain and finalised the tax liability accordingly.”
It refuted reports in certain sections of the media that DGGI has decided to treat the cash recovered as the turnover of the manufacturing unit and proposes to proceed accordingly.
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“These reports are purely speculative, without any basis and seek to undermine the integrity of the ongoing investigations which are being carried out in a most professional manner based on specific intelligence against the party,” it said.
In this regard, it is clarified that the total amount of cash in the ongoing case from the residential and factory premises of Jain has been kept as case property in the safe custody of the State Bank of India (SBI) pending further investigations, it said.
“No deposit of tax dues has been made by M/s Odochem Industries from the seized money to discharge their tax liabilities and their tax liabilities are yet to be determined,” it added.
It said that voluntary submissions made by Jain are a subject matter of ongoing investigations and any view on the source of cash seized by the department and the exact tax liabilities of Odochem Industries shall be taken on the basis of appraisal of evidences collected from various premises during the searches and the outcome of further investigations. Piyush Jain was arrested on December 26, 2021 for offences under Section 132 of the Central Goods and Services Tax (CGST) Act and was produced before the court on December 27. The court has remanded Piyush Jain in judicial custody for 14 days. His lawyer has said a plea for granting bail to him will be filed on Friday.