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Piyush Jain DGGI Raid 200 Crore Cash Recovered
Businessman Piyush Jain DGGI raid on 22nd Dec & travels in Kannauj, his hometown, on his old scooter. There are two cars parked outside his house – a Qualis and a Maruti. But the central agencies last week found out that the Kanpur-based perfume maker had hoarded over ₹ 200 crores.
Jain has been arrested for evasion of Goods and Services Tax (GST). Officials found ₹ 200 crores cash and 23 kg gold at his home and factory in Kannauj. Pictures of a raid at his premises, showing officials using note counting machines to count the heaps of currency notes went viral last week.
The money was allegedly linked to the dispatch of goods via fake invoices and without e-way bills by a goods transporter.
Piyush Jain learned the art of making perfumes and edible essences from his 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.
200 Crore Cash and 23 kg Gold Recovered
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.
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