GST scam: Rs40 lakh seized from hosiery entrepreneur








Rs 40 lakh, suspected to be the proceeds from the multi-crore GST scam unearthed some time back, was seized from a local hosiery entrepreneur, Central Goods and Services Tax (CGST) Commissionerate officials said here on Saturday.


The accused has been identified as Yogesh Jain, a distant uncle of the main accused in the multi-crore GST scam, Sahil Jain.

Principal Commissioner Ashutosh Baranwal disclosed that tracking crucial documents and whereabouts of the accused in the Rs 33-crore GST fraud case, the CGST authorities landed up at the main accused’s relative, who was also caught indulging into the GST evasion scam.

Acting upon specific information, the anti-evasion wing of the CGST Commissionerate in Ludhiana conducted a search on the residential premises of Sahil Jain’s relative from where Rs 40 lakh, suspected to be the proceeds of the scam, has been seized,” he said.

The kingpin of the GST fraud, Sahil Jain, was arrested by the CGST Commissionerate on November 11 last year for running a bogus billing racket worth Rs 393 crore and fraudulently availing ITC worth Rs 33 crore.

Baranwal said it was believed that some crucial documents relating to the GST fraud were secreted at Sahil’s relative’s residential premises, where the search was conducted on Saturday.

The search and seizure operation revealed that Yogesh Jain, a distant uncle of accused Sahil Jain, is running a hosiery enterprise. “Rs 40 lakh, suspected to be the proceeds of the crime, was recovered from the cupboards of a bedroom, thus seized,” he informed, while adding that on questioning about the cash retrieved from the residential premises, Yogesh Jain confessed that he was evading the GST by indulging into undeclared supply transactions, receiving and supplying goods without issuing proper invoices and mostly generating unofficial bills for the goods supplied\

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