Businessman Piyush Jain travels in Kannauj, his hometown, on his old scooter. There are two cars parked outside his house – a Qualis and a Maruti. Yet, the focal offices last week discovered that the Kanpur-based perfume maker had hoarded over ₹ 200 crores.
Jain has been arrested for the avoidance of Goods and Services Tax (GST). Authorities found ₹ 194 crores in real money and 23 kg gold at his home and manufacturing plant in Kannauj. Photos of the raid at his premises, showing officials using note counting machines to count the heaps of currency notes went viral last week.
The cash was purportedly connected 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 began the perfume business in Kanpur and has extended it to a few parts of the country over the most recent 15 years. He now has a booming business in Mumbai and Gujarat.
As the business flourished, Jain and his sibling Ambrish transformed their Kannauj house into a 700 sq. yard mansion. In any case, local people say that at whatever point he comes to town, Jain is seen on his old bike and appears to have a shortsighted existence.
Alongside the money, 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.