Raids by Tax officials at premises of perfume manufacturer Piyush Jain at  Kanpur in Uttar Pradesh as well as Mumbai and Gujarat have led to the seizure of Rs 150 crore in black money so far, according to Income Tax Department sources.

Photographs from the raid showed huge piles of cash bundles stuffed into two large cupboards.

Another photograph showed IT and GST officials squatting on the floor of a room with mounds of cash, and three note-counting machines.

The raids began on Thursday and are still going on, sources said.

The Income Tax department raided the house, factory, office, cold store and petrol pump of perfume trader Piyush Jain.

In November, Jain, who is considered close to Akhlesh Yadav, also launched Samajwadi Party perfume, branded as ‘Samajwadi Attar’.

The Income Tax team first reached the Anandpuri residence of Piyush Jain in Kanpur along with the currency counting machine. Similar I-T raids were underway at Jain's establishments in Mumbai and Gujarat.

The raids were initiated by GST (Goods and Services Tax) officials for tax evasion. After unearthing details, Income Tax, Department was also informed.

GST officials said the money was linked to the dispatch of goods via fake invoices and without e-way bills. These fake invoices were created in the name of imaginary firms.

These invoices were for Rs 50,000 each and more than 200 such invoices – created without GST payments – were found in four trucks inside the trader's warehouse.

The factory premises and the premises belonging to a pan masala manufacturer and a transporter who was involved in transportation of goods under the cover of fake invoices, without generating e-way bills were also raided. His identity has not been disclosed so far.