The ongoing raids conducted at the residences of Perfume Merchant Piyush Jain by the Directorate General of GST Intelligence (DGGI) and Income Tax department officials have further led to the recovery of 107 crores worth of unaccounted cash from Jain’s Kannauj House which would bring the total amount of unaccounted cash recovered during the raids to 284 crores, according to reports.
Rs 177 crores were recovered from Jain’s Anandnagar house in Kanpur, and another 107 crores were seized from his house at Kannauj, reported the Times of India.
Reportedly, the searches were conducted amidst high security in Kannuj by a combined unit of 50 tax officials from UP and Gujarat. Around 250 kgs of silver and 25kgs of gold were also seized from the residence of Piyush Jain, an alleged Samajwadi Party supporter who had earlier launched the Samajwadi Perfume.
Jain, who was arrested earlier, was brought to Kanpur’s transit court for further proceedings. As per reports, the ED may also lodge a money laundering case against the perfume baron.
First on Republic | Perfume maker Piyush Jain brought to Kanpur’s Special Transit Court for further proceedings, after the raid at his residence led to the recovery of over Rs 250 crores of cash, 25 kg of gold and 250 kg of silver
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Jain claims cash came from selling ancestral gold
As per reports, the unaccounted hidden fortune of cash and gold were recovered after breaking 20 locks and 15 cupboards. Officials used a gas cutter for opening up the vault. However, Piyush Jain claimed that the unaccounted money was collected through the sale of 400 kg of ancestral gold.
Tax Officials who conducted the raid informed that Jain was arrested on the account of tax evasion and creating multiple invoices using fake firms. Further according to an official, Jain said, “if you want, you can deduct the income tax and return the rest”. Piyush Jain has been booked under Section 69 of the Central Goods and Services Tax (CGST) Act. The raid on the premises of the perfume merchant went on for days, with mounds of cash being counted by multiple machines and with the help of SBI staff.
Earlier, the DGGI and the Income Tax department had raided several premises linked to Piyush Jain located in Mumbai, Kannauj and Gujarat and recovered unaccounted cash worth around 177 crores from Jain’s Kanpur residence. A total of 11 premises that belonged to Piyush Jain and his two close partners were examined by the officials during the two-day search operation. IT and DGGI officials raided the Piyush Jain’s offices which were spread across Mumbai, Gujarat, Kannauj including his petrol pumps and residences in a coordinated search operation.
