New Delhi [India], December 27 (ANI): The Directorate General of GST Intelligence (DGGI), which seized Rs 194.45 crores of cash, 23 kg gold and 600 kg sandalwood from businessman Peeyush Jain's possession, on Monday informed that the accused has admitted that cash recovered was related to the sale of goods without payment of taxes.

"After intercepting four trucks operated by M/s Ganpati Road Carriers, carrying pan masala and tobacco of said brand cleared without payment of GST, the officers tallied the actual stock available in the factory with the stock recorded in the books and found the shortage of raw materials and finished products. This further corroborated that the manufacturer was indulging in clandestine removal of goods with the help of transporter who used to issue fake invoices to manage the transportation of said goods," a statement issued by the DGGI said.

Also Read | Uttar Pradesh Shocker: 14-Year-Old Girl Raped by Minor Neighbour in Muzaffarnagar, Accused Absconding.

The DGGI further stated that it has seized more than 200 such fake invoices.

"The manufacturers of Shikhar brand of pan masala/tobacco products have admitted and deposited an amount of Rs 3.09 crores towards their tax liability," the agency said.

Also Read | Karnataka: 80 School Students Fall Sick After Consuming Sambar of Midday Meal With Dead Lizard in Haveri.

"The statement of Peeyush Jain has been recorded wherein he has accepted that the cash recovered from the residential premises is related to the sale of goods without payment of GST," it said.

"The evidences collected during the searches conducted in the last five days are being investigated thoroughly to unravel the tax evasion," it added.

The Kanpur-based businessman was arrested on Sunday under Section 67 of the CGST Act after the recovery of unaccounted cash, gold and sandalwood.

The accused has been sent to 14 days of judicial custody by a Kanpur court in the matter. (ANI)

(This is an unedited and auto-generated story from Syndicated News feed, LatestLY Staff may not have modified or edited the content body)