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Kanpur businessman tells DGGI how he got ₹187 cr cash after the raid

By Saima Siddiqui 
Updated Date

Kanpur: The Kanpur-based businessman, Piyush Jain, who was arrested on Monday after Rs 257 crore along with 250 kg silver and 25 kg gold were recovered in a 120 hours long raid from his residence and factory in Kannauj, has now revealed to the agency how he got the money. As per agency, Piyush Jain admitted that cash recovered from his premises was related to sale of goods without payment of taxes. 

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“Piyush Jain has accepted that the cash recovered from the residential premises is related to the sale of goods without payment of GST. In view of the overwhelming evidences available on record indicating large scale evasion of GST by Odochem Industries, Kannauj,” the DGGI said.

The DGGI Ahmedabad has arrested businessman Piyush Jain under Section 67 of the CGST Act after recovering 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.

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Earlier on Sunday, DGG recovered 10 crore more cash from the factory and residence of Jain, promotor of Odochem Industries of Kannauj district in Uttar Pradesh, official said.

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

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.

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

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