The accused has been sent to 14 days of judicial custody by a Kanpur court.
The Directorate General of GST Intelligence (DGGI) on Wednesday concluded the raids at businessman Piyush Jain's residence in Uttar Pradesh's Kannauj.
The Kanpur-based businessman was arrested on Sunday under Section 67 of the CGST Act after the recovery of unaccounted cash, gold and sandalwood.
Speaking to ANI, Zakir Hussain, Additional Director of DGGI said, "We have concluded our panchnama. We have recovered gold, handed it over to DRI, but the probe is on. The gold which was recovered in Kanpur is separate...here, we recovered about Rs 19 crore cash. As per higher officials, this is the biggest cash recovery."
Meanwhile, the DGGI which seized Rs 194.45 crores of cash, 23 kg gold and 600 kg sandalwood from businessman Piyush 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.
The DGGI further stated that it has seized more than 200 such fake invoices.
"The statement of Piyush 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 evidence collected during the searches conducted in the last five days are being investigated thoroughly to unravel the tax evasion," it added.
The accused has been sent to 14 days of judicial custody by a Kanpur court in the matter.