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Who is Piyush Jain?
Piyush Jain is a Kanpur businessman who is part of the perfume industry, has recovered more than ₹ 150 crore cash, Vivek Johri, the Chairman of the Central Board of Indirect Taxes and Customs (CBIC), told news agency ANI on Friday.
UP Businessman Piyush Jain Raided By I-T Dept, Rs 150 Crore Found in Cash
Cash worth Rs 150 crore has been found so far during Income Tax raids on premises linked to Kanpur businessperson Piyush Jain. The I-T raids, which began on Thursday, 23 December, are still underway at the house, factory, office, cold store, and petrol pump linked to Jain in Kanpur, Kannauj, Mumbai, and Gujarat.
The raids, which were initially undertaken citing tax evasion by officials at the Goods and Services Tax (GST) department, reportedly drew in the I-T Department after more details came to the fore.
A perfume trader, Jain is reportedly close to Samajwadi Party leader Akhilesh Yadav.
Visuals of his properties capture note-counting machines scattered on the floor, surrounded by piles of cash bound in plastic and tape.
“This is the biggest recovery in the history of the CBIC. No arrest has taken place so far,” he said.
Photographs from the raid showed two mountains of cash stuffed into two large wardrobes. The bundles were all wrapped in paper covers and secured with yellow tape. In each photo there are over 30 such bundles visible.
Another photograph showed officials from the CBIC, the IT department and the Goods and Services Tax (GST) Intelligence unit squatting on a floral sheet spread in the middle of a room and surrounded by yet more piles of cash, and three note-counting machines.
The raids on multiple premises in Uttar Pradesh, Gujarat and Mumbai began Thursday at a factory owned by M/s Trimurti Fragrances – which manufactures the Shikhar brand of pan masala and other scented tobacco products – in UP’s Kanpur.
Raids were also carried out at offices and godowns owned by a transporter – M/s Ganpati Road Carriers, also in Kanpur – after which the action shifted to Piyush Jain’s premises.
“Based on intelligence inputs, the residential premises of partners of M/s Odochem Industries… who were supplying perfumery compounds… was also searched,” the GST department’s statement said.
“During the search proceedings at the residential premises, huge amounts of cash, wrapped in paper, has been found. The process of counting of cash has been initiated with the help of officials of State Bank of India (Kanpur), which may continue till (evening of) 24 December…” the statement said.
“The total amount of cash is expected to be in excess of ₹ 150 crores,” it further said.
GST officials said the money was linked to the dispatch of goods via fake invoices and without e-way bills by a goods transporter. These fake invoices were created in the name of imaginary firms.
These invoices were for ₹ 50,000 each and more than 200 such invoices – created without GST payments – were found in four trucks inside the trader’s warehouse.
All four trucks have been seized.
Piyush Jain Biography, Wikipedia
Piyush Jain, a resident of Anandpuri, belongs to Chhipatti in Kannauj. He owns a house, perfume factory, cold store, petrol pump in Kannauj, reported IANS.
According to officials, the businessman has around 40 companies, including two in the Middle East.
“He is mainly into the perfumery business with its base in Kannauj, while the group owns a showroom in Mumbai from where perfumes are sold all over the country and abroad,” officials told IANS.
Piyush Jain FAQ’s
Who is Piyush Jain?
Piyush Jain is a Kanpur businessman who is part of the perfume industry, has recovered more than ₹ 150 crore cash, Vivek Johri, the Chairman of the Central Board of Indirect Taxes and Customs (CBIC), told news agency ANI on Friday.
What happened to Piyush Jain?
Cash worth Rs 150 crore has been found so far during Income Tax raids on premises linked to Kanpur businessperson Piyush Jain. The I-T raids, which began on Thursday, 23 December, are still underway at the house, factory, office, cold store, and petrol pump linked to Jain in Kanpur, Kannauj, Mumbai, and Gujarat.
