A certain section of media has reported that that Kanpur perfume trader Peeyush Jain and DGGI have reached an agreement, wherein the trader will pay Rs 52 crore as taxes and let free thereafter.


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Some reports also say that the DGGI has decided to treat the cash recovered as the turnover of the perfume manufacturing unit and proposes to proceed accordingly.


This virtually means that the taxmen will now stop their probe and the cash saga will come to an end.


The DGGI has categorically denied these reports as mere "speculation".


"These reports are purely speculative, without any basis and seek to undermine the integrity of the ongoing investigations which are being carried out in a most professional manner based on specific intelligence against the party," the DDGI said in a statement.


Clarifying on the tax report, the DGGI said, "No deposit of tax dues has been made by M/s Odochem Industries from the seized money to discharge their tax liabilities and their tax liabilities are yet to be determined."


The cash recovered from Peeyush Jain has been kept as case property and is subjected to legal proceedings, the statement said further.  



"In this regard, it is clarified that the total amount of cash in the ongoing case from the residential and factory premises of M/s Peeyush Jain has been kept as case property in the safe custody of the State Bank of India pending further investigations," the statement said further.


The DDGI, in its probe concluded on Wednesday, recovered total cash of Rs 197.47 crores, 23 kgs of gold and offending goods of high value from Jain's two properties - in Kanpur and Kannauj.