Politics & Governance

Perfume baron Piyush Jain arrested after 120-hour long raid, 200 crores seized

Piyush Jain

Unaccounted cash worth Rs 200 crores were seized from Kanpur-based industrialist Piyush Jain during a 120-hour long raid. 

Kanpur-based industrialist Piyush Jain was arrested by the Central agency on the charges of tax evasion. The agencies have seized Rs 200 crore of cash and several documents from his house. Several media reports also suggest that despite acquiring such enormous wealth, Jain used to live a minimal lifestyle to evade public attention.  Jain has been arrested under Section 69 of the Central Goods and Services Tax (CGST) Act. Documents related to sixteen posh properties were seized during the raid at Jain’s Kanpur residence. Four of these properties are in Kanpur, 7 in Kanauj, 2 in Mumbai, and 1 are in Delhi. Two properties have been traced in Dubai, UAE. Additionally, in the long 120-hours raid by teams of the Income Tax Department, Central Board of Indirect Taxes and Customs (CBIC), and Goods and Services Tax Intelligence (GST) units, several kilograms of gold were also seized from Piyush Jain’s house.

The teams conducting the raid also found 18 lockers at Jain’s house in Kannauj, Uttar Pradesh. Additionally, they have also unearthed a bunch of more than 500 keys which the officials are using to open the locker. The money was allegedly linked to the dispatch of goods via fake invoices and without e-way bills by a goods transporter, the official said. Meanwhile, reports coming from Kannauj said that the sleuths at around 3.00 pm reached the Kannauj residence of Jain along with his two sons Molu and Pratyush, and entered the residence. The raids also started a war of words on Twitter between the Bharatiya Janata Party and the Samajwadi Party.

Earlier, the Chief Minister of Uttar Pradesh Yogi Adityanath, on Sunday, claimed that the businessman whose premises were raided by central agencies recently has links with Akhilesh Yadav’s Samajwadi Party, a charge denied the Opposition party. Yogi, taking a potshot at Samajwadi Party and its chief Akhilesh Yadav said “For the past two-three days, continuous raids are being conducted on the premises of a person belonging to the SP. Rs 257 crore in cash and several kilograms of gold and silver was recovered. This money belongs to the poor people.”

As of now, Jain’s house has been sealed and a thorough search is being done in the heavy presence of tax officials. Top sources say that more cash is likely to be unearthed in the said raids.

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By TIS Staffer
the authorBy TIS Staffer

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