Rs250 Crores Seized From Kanpur Businessman!

Authorities seized gold, silver, unaccounted sandalwood oil, perfumes worth crores.

Kanpur businessman Piyush Jain has been arrested for evasion of Goods and Services Tax (GST), rides on an old scooter to his hometown. 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 Rs250 crores.

According to the officials, during the investigation found over Rs250 crores in cash at his home and factory in Kannauj.

The visuals of a raid at his premises, showing officials using note counting machines to count the heaps of currency notes went viral last week.

The raided 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.

Mr. Jain started the perfume business in Kanpur and has extended it to several parts of the country in the last 15 years. He now has a successful 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.

During the raid, 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.