New Delhi, Dec 30 : The Directorate General of GST Intelligence (DGGI) on Thursday said that total cash recovered from the two premises of Kanpur Businessman Peeyush Jain was Rs 197.49 crore and it is a case property and not the turnover of his company. "Investigations are being carried out in a most professional manner based on specific intelligence. Cash in the ongoing case from the residential and factory premises of Peeyush Jain has been kept as case property in the safe custody of the State Bank of India and further investigation is pending. No deposit of tax dues has been made by Odochem Industries from the seized money to discharge their tax liabilities and their tax liabilities are yet to be determined," said a DGGI official. The DGGI conducted raids at Odochem Industries, being run by Peeyush Jain, a manufacturer of perfumery compounds. The DGGI recovered Rs 197.49 crore, 23 kg of gold and goods of high value from two premises belonging to Peeyush Jain. Earlier, it was reported that the DGGI had decided to treat the cash recovered from the premises of Peeyush Jain as the turnover of his company. It was also stated that after admitting his liability, Peeyush Jain has, with the approval of the DGGI, will deposit a total amount of Rs 52 crore as tax dues and will be freed from all allegations. It was also learnt that the DGGI department has agreed with the deposition of Peeyush Jain and finalised the tax liability accordingly. However, on Thursday the DGGI made it clear that there was nothing going like that. The DGGI refuted all the claims. "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. It is clarified that the total amount of cash in the ongoing case from the residential and factory premises of Peeyush Jain has been kept as case property in the safe custody of the State Bank of India for pending further investigations. No deposit of tax dues has been made by Odochem Industries from the seized money to discharge their tax liabilities and their tax liabilities are yet to be determined," read the statement by DGGI. The DGGI said that the voluntary submissions made by Peeyush Jain were a subject matter of ongoing investigations and any view on the source of cash seized by the department and the exact tax liabilities of Odochem Industries or other parties involved in the investigation shall be taken on the basis of appraisal of evidences collected from various premises during the searches and the outcome of further investigations. Based on his voluntary admission of guilt and the evidence available on record, Peeyush Jain was arrested on December 26 under section 132 of the CGST Act. He was produced before the competent Court on December 27 which remanded him to 14 days judicial custody as the DGGI didn't seek his custodial interrogation. /IANS