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Rs 250 Crore recovered from raids on businessman Piyush Jain;  Check out other huge recoveries in the past

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Rs 250 Crore recovered from raids on businessman Piyush Jain; Check out other huge recoveries in the past

| Breaking News Updates | Usa news


In what could be the biggest tax levy in the country, the income tax department unearthed money worth Rs 250 crore in the residence and factories of perfume manufacturer Piyush Jain based in Kanpur. The GST Intelligence Directorate (DGGI) arrested Jain.

As the story unfolds, here is a look at some of the biggest raids in India in recent years.

SKM Group

In November of this year, income tax officials discovered unrecorded income of around 300 crore rupees and seized unrecorded cash of around 3.3 crore rupees during raids in more than 40 premises of the SKM group of companies in Tamil Nadu, Karnataka and Kerala. SKM group is engaged in the manufacture of animal feed, edible oils, poultry, animal husbandry and also the export of egg products.

Straight group

In October of this year, the income tax department discovered unrecorded income of around Rs 550 crore from a large Hyderabad-based pharmaceutical group, Hetero Group, following a series of raids. In addition, tax detectives seized unexplained cash in the amount of Rs 142.87 crore from the company. The company is promoted by B Parthasarathy Reddy, board member of Tirumala Tirupati Devasthanams Trust, who has ties to Chief Minister of Andhra Pradesh, YS Jagan Mohan Reddy.

Coffee Coffee Day

The IT department discovered around Rs 650 crore in hidden revenue in 2019 from coffee tsar VG Siddhartha, founder and owner of the retail coffee chain Café Coffee Day. Search and seizure operations were carried out in 25 locations of CCD and group companies in Karnataka, Maharashtra and Tamil Nadu. Siddhartha, who later committed suicide, was the eldest son-in-law of the former foreign minister SM. Krishna.

SPK Group

In 2018, computer investigators conducted searches of 25 sites in Tamil Nadu to track the unrecorded income of Nagarajan Seyyadurai, owner of a group of SPK group companies. The SPK group was engaged in the construction of roads and highways under contract with the government. IT had seized Rs 160 crore in cash and 100kg of gold in a series of lightning raids. Seyyadurai had close ties to the AIADMK party.

The Sekhar Reddy case

In one of the biggest raids after the demonetization of Rs 500 and Rs 1000 banknotes, tax detectives in Chennai discovered Rs 140 crore in cash, including more than Rs 34 crore in the then newly Rs 2000 banknotes prints, from the residence of businessman Sekhar Reddy in 2016 Gold weighing more than 120 kg was also recovered after search operations were carried out at various locations in the Chennai and Vellore districts. Reddy, a contractor in the public works department, was also a board member of Tirupathi Devasthanam and had close ties to the former chief minister of Tamil Nadu, O Panneerselvam.

(Edited by : Aditi Gautam)

First publication: STI

Rs 250 Crore recovered from raids on businessman Piyush Jain; Check out other huge recoveries in the past

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