(Bloomberg) -- India's tax authorities have seized wads of currency notes running into million of dollars and several kilograms of gold from the premises of a businessman, according to a statement from the finance ministry.
The intelligence wing of the good and services tax department found unaccounted wealth, including around 23 kilograms of gold in the form of biscuits and currency worth over $24 million, from perfume trader and tobacco products manufacturer Peeyush Jain. The seizures were carried out at the premises of Trimurti Fragrance Pvt Ltd, Odochem Industries and a transport company called Ganpati Road Carriers, all based in the north Indian state of Uttar Pradesh.
“This is the biggest ever seizure of cash by the Central Board of Indirect Taxes and Customs. The documents seized from the premises are under scrutiny,” the statement said.
The agency recovered raw materials for manufacturing perfume, including 600 kilograms of sandalwood oil worth 60 million rupees hidden in an underground storage tank, the statement said.
Trimurti Fragrance has admitted to tax evasion and deposited over 30 million rupees towards tax liability, the ministry said. During interrogation, Jain also accepted that the cash recovered from Odochem Industries is related to sale of goods without payment of GST.
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