Kanpur businessman Piyush Jain arrested, to be produced in court today

Piyush Jain, the Kanpur-based perfume trader, who was arrested after multiple raids and seizure of cash in crores at his residence, will be produced in court on Monday. Jain was arrested on the suspicion of tax evasion after a vigilance team of GST raided his Kanpur residence seizing gold, silver, cash amounting to crores of rupees.

Kannauj: A vigilance team of GST raided the Kanpur residence of perfume trader Piyush Jain on suspicion of tax evasion. After seizing gold, silver, cash amounting to crores of rupees at his residence, the team reached his ancestral house located in Chuppatti Mohalla of Kannauj.

For the last three days, the investigation is going on in different parts of Jain's houses, offices and factories. The team also investigated by breaking the locks of two other residences of Piyush. Piyush Jain, who is a resident of Chipatti Colony in Kannauj, and his brother Ambarish Jain are the 'bigshots' in the perfume-making industry. There are 36 officers inside the businessmen's three houses and factory, including officers of GST Intelligence and Income Tax.

According to sources, nine drums of sandalwood, cash worth 57 crores and huge quantities of gold and silver have been recovered from here.

However, no official statement has been stated by the investigation team on this matter yet. According to sources, late at night, a cash counting machine was brought inside the house. After the arrival of the bank employees, notes would be counted.

The team did not disclose the details of the valuation of gold, silver and documents found from the house. The ongoing raids at Piyush Jain's house have stirred up the perfume traders of the city. The perfume trade is also being affected by the raid.

According to the people, perfume traders have closed their factories as the raids are going on. Piyush Jain's firm prepares the compound used in enhancing the essence of the Paan Masala, and their products are supplied not only to several Indian cities but also overseas.

Besides, the Directorate General of Goods and Services Tax Intelligence DGGI sleuths also raided his ancestral house. They have broken at least 15 to 20 lockers during this raid conducted on Friday. A bag full of keys, nine drums of sandalwoods and wads of notes in denominations of Rs 2,000 were recovered from there.

According to the Income Tax Department, a total of Rs 185 crore has been seized so far, besides 15 kg gold ornaments and 50 kg silver seized from his Kannauj residence.