DGGI refutes several speculative media reports in case of M/s Odochem Industries

DGGI refutes several speculative media reports in case of M/s Odochem Industries In the context of ongoing investigations by the Directorate General of GST Intelligence (DGGI) into M/s Odochem Industries, Kannauj - a manufacturer of perfumery compounds - and its proprietor Shri Peeyush Jain, where a total cash of Rs. 197.49 crore, 23 kg of gold, and high-value offending goods have been recovered so far from two premises, reports have appeared in certain sections of the media that the DGGI has decided to treat the cash recovered as the turn According to certain reports, after admitting his obligation, Shri Peeyush Jain submitted a total of Rs 52 crore in tax dues with the consent of the DGGI. As a result, it appears that the department has agreed to Shri Peeyush Jain's deposition and has finalized the tax liability appropriately. These reports are totally speculative, devoid of any substance, and are intended to smear the ongoing investigations, which are being conducted in a professional manner and are based on specific intelligence against the party. In this regard, it should be noted that the complete amount of cash recovered from M/s Peeyush Jain's residential and factory locations has been preserved as case property in the safe custody of the State Bank of India pending further investigations. M/s Odochem Industries has not deposited any tax dues from the confiscated funds to fulfil their tax duties, and their tax liabilities are yet to be calculated. Furthermore, the voluntary submissions made by Shri Peeyush Jain are the subject of ongoing investigations, and any conclusions reached regarding the source of cash seized by the department and the exact tax liabilities of M/s Odochem Industries or other parties involved in the investigation will be based on the evaluation of evidence gathered from various locations during the searches and the results of further investigations. Shri Peeyush Jain was arrested for conduct of offences prescribed under section 132 of the CGST Act on December 26, 2021, and was produced before the Competent Court on December 27, 2021, based on his voluntary acknowledgment of guilt and the evidence on file. He has been remanded in judicial custody for 14 days by the Hon'ble Court.