Kanpur: Piyush Jain, the Kanpur-based perfume trader, who was arrested on Sunday for tax invasion has been sent to 14 days judicial custody on Monday over GST tax evasion. The Directorate General of GST Intelligence (DGGI) Ahmedabad had demanded the court for 14 days remand of the businessman.
Meanwhile, more than Rs. 257 crores in cash have been recovered so far. The IT team raided Piyush Jain's residence in Kanpur on December 22 on suspicion of tax evasion and received Rs 177.45 crore from the house.
While on December 24, the team raided the ancestral residence of Kannauj and has found cash and gold in the walls and shelves inside the house.
According to the press note issued from Delhi, the team has received cash of about 17 crores, 23 kg gold and 600 kg sandalwood oil from the ancestral residence. The team has found about 500 vials of sandalwood worth 90 thousand rupees per kg making it to be Rs 5 crore 45 lakh. According to the sources, the investigation is still going on in the ancestral house.
Piyush Jain was arrested under section 69 of CGST. After the arrest, Piyush Jain was produced in the court on Monday.
Earlier, the Income Tax Department and the Central Board of Indirect Taxes and Customs (CBIC) were raiding the residences of Piyush Jain in Kanpur and Kannauj. On the very first day of the raid, around 50 boxes of cash along with gold and silver were recovered from his house in Kanpur.
A resident of Chhipatti Mohalla in Kannauj district, Jain and his brother Ambareesh Jain run a perfumery company named Odocom. They also prepare fragrance compounds used in pan masala. The trade deals also extend to some companies based in other countries.
The company has about 40 branches across the world, including two in the Middle East. Additionally, Piyush Jain also has a house in Mumbai, along with a company head office and showroom. The documents found at his residence confirm that he paid only Rs 5 lakh in taxes.
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