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Kanpur businessman detained following recovery of Rs 257 cr cash, 250 kg silver, 25 kg gold

By Saima Siddiqui 
Updated Date

Kanpur: Piyush Jain, Kanpur-based perfume maker was arrested on charges of tax evasion on Sunday night in 120 hour-long raid in which Goods and Services Tax (GST) officials unearthed Rs 257 cr cash, 250 kg silver, 25 kg gold at his home and factory in Kannauj.

Also Read :- Deduct tax, fine amounting to Rs 52 cr, return the rest: Kanpur businessman Piyush Jain to DGGI

As per central agency officials this is arguably the biggest cash seizure in recent times. Reports say the Directorate General of GST Intelligence (DGGI) Ahmedabad recovered Rs 10 crore cash from Jain’s factory and residence. Around Rs 177 crore was reportedly recovered from the businessman’s Anandnagar house in Kanpur, while Rs 107 crore unaccounted cash was said to be seized from his Kannauj house.

The money was allegedly linked to the dispatch of goods via fake invoices and without e-way bills by a goods transporter. Pictures of a raid at his premises, showing officials using note counting machines to count the heaps of currency notes went viral last week.

To count the big cash 19 cash counting machines were put on job. Reports say the businessman allegedly had a cash counting machine of his own. To carry out the 4 days long raid, 50 tax officials from UP and Gujarat were involved in the search operations. From Piush Jain’s Kannauj residence 250kg of silver was reportedly recovered while 25kg of gold was seized from his Kannauj property, as per reports.

Piyush Jain owns 40 companies, two of these are said to be in the Middle East. 

Also Read :- Kanpur businessman tells DGGI how he got ₹187 cr cash after the raid

Piyush Jain in his defence

“This is the biggest recovery in the history of the Central Board of Indirect Taxes and Customs (CBIC),” said Vivek Johri, Chairman of the Central Board of Indirect Taxes and Customs (CBIC).

As per a media report, Piyush Jain during his interrogation claimed that cash recovered from his houses was money accumulated after selling 400 kg of gold left by his ancestors. “Piyush Jain said he sold gold in batches, for the past many years, to small jewellers,” the report quoted a Directorate General of GST Intelligence officer as saying.

While his perfume factory and cold storage, along with a petrol pump, are located in Kannauj, the head office of his perfume business is said to be in Mumbai where he also reportedly owns a bungalow.

Piyush Jain learned the art of making perfumes and edible essences from him father, who is a chemist.

Also Read :- UP Officials tried to stop deceased's family from not registering FIR: "Cases Take Years"

Jain started the perfume business in Kanpur, and has expanded it to several parts of the country in the last 15 years. He now has a booming business in Mumbai and Gujarat.

As the business flourished, Jain and his brother Ambrish turned their Kannauj house into a 700 sq. yard mansion. But the locals say that whenever he comes to town, Jain is seen on his old scooter and seems to lead a simplistic life. Also there are two cars parked outside his house – a Qualis and a Maruti. However, the central agencies last week found out that the Kanpur-based perfume maker had hoarded over ₹ 200 crore.

Along with the cash, authorities also seized gold, silver, unaccounted sandalwood oil, perfumes worth crores from Jain’s residence and factory.

After his arrest, Jain is expected to be taken to Ahmedabad for questioning.

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