The search teams combed 11 premises of Jain and two of his partners. Among them, one is a pan masala manufacturer and the other is a transporter. The premises included factory outlets, offices, cold storage, and petrol pumps in Kanpur, Mumbai, and Gujarat and the raids started simultaneously at 11 am.
Officials said tax evasion of more than Rs 3 crore was discovered through shell companies in Kanpur.
"Jain took loans in the name of shell companies and has huge foreign transactions. Documents are being scrutinized. SBI officials are helping count the seized money" said the source.
Jain is originally from Chhipatti in Kannauj who is known primarily as a perfume merchant and has around 40 companies, including two in West Asia, and owns a house, head office, and a showroom in Mumbai.
Explaining the modus operandi, sources in the department said multiple invoices, in the name of fake firms to avoid paying GST all below Rs 50,000 for a truckload, were generated. They added that more than Rs 1 crore was seized from the transporter and 200 fake invoices were found.
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