Kanpur businessman Piyush Jain has been sent into 14 days of judicial custody after a prolonged 5 day-raid at his residence led to the recovery of over Rs 194.45 crore of cash, 23 kg gold, and also 600 kg sandalwood. The businessman has been arrested under section 132 of the CGST Act.
Here are the top facts about the case, according to an official release:
- The raids were initiated on 22nd December and ended after 5 days.
- Four trucks full of goods without any GST paper were intercepted by GST officials.
- The manufacturers of the Shikhar brand of pan masala/tobacco products have admitted and deposited an amount of Rs 3.09 crores towards their tax liability.
- The actual stock kept at the factory was tallied with the stock recorded in the books and the GST officials found a shortage of raw materials and finished products. This further corroborated that the manufacturer was indulging in the clandestine removal of goods with the help of a transporter who used to issue fake invoices. GST officials have recovered 200 fake invoices.
- The GST official said that till Monday evening the total amount of unaccounted cash recovered and seized was around Rs 250 crore. This is the biggest ever seizure of cash by the CBIC officials. The documents seized from the premises are under scrutiny.
- Searches at Kannauj alone led to the recovery of Rs 17 crore more in cash.
- The total amount of unaccounted cash recovered and seized from these premises is Rs. 177.45 crores.
Who is Piyush Jain? Quick facts
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Piyush Jain is a Kanpur-based perfume businessman. He used to conduct his business at Kanpur’s Ittarwali Gali and had offices in Kannauj, Kanpur, and Mumbai.
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According to media reports, to avoid being in the limelight, the businessman used an old scooter back at his native place Kannauj. In Kanpur, he reportedly only had two old cars at his disposal.
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Piyush Jain also owns a house, head office, and a showroom in Mumbai. His companies are also registered in Mumbai itself.
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According to officials, Piyush Jain has around 40 companies, including two in the Middle East.
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"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," the officials said.
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During the raid, it also came to the fore that the company took loans in the name of shell companies. Also, the company's foreign transactions are also huge.
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