Kanpur trader Piyush Jain has been hogging headlines after a whopping Rs 257 crore was recovered in cash along with gold and silver from his offices and residences in raids conducted by the Income Tax department and DGGI.
Officials had to call for around 20 cash-counting machines and an entire team of SBI officials to count the money which is still being recovered from the businessman.
Jain was leading a low-profile life; he used to ride a scooter and had a hatchback car in the house. How the issues of unaccounted cash were then revealed and the businessman caught is an interesting story as told by the Directorate General of GST Intelligence (DGGI).
The unravelling began when DGGI took action in a matter related to non-payment of GST of tobacco and pan masala loaded in four trucks. The trucks belonged to Ganpati Road Carrier and through this, the DGGI officials reached Shikhar Pan Masala factory where officials recovered more than 200 fake invoices in the name of Ganpati Road Carrier.
During the action, the makers of Shikhar Gutkha admitted that they owed tax and deposited Rs 3.09 crore. Meanwhile, the name of another partner of Shikhar Gutkha came to the fore — Odocam Industries — and here’s when the story of Piyush Jain started.
Jain is the owner of Odocam Industries and officials soon raided the company’s registered address in Kanpur, which was Jain’s house in Anandpuri. According to the DGGI’s press release, Rs 177.45 crore in cash was recovered from this house by the officials.
After this, the officials raided the factory and residence of Piyush Jain in Kannauj. The officials recovered Rs 17 crore in cash from the factory, which was still being counted. Along with this, 23 kg of gold and 600 kg of sandalwood oil worth about Rs 6 crore were also recovered. The surprising thing was that all this was hidden in an underground tank.
The Kanpur-based businessman was arrested on charges of tax evasion on Sunday night more than 40 hours after central agencies raided his premises in what turned out to be arguably the biggest cash seizure in recent times.
Meanwhile, a political slugfest over the issue started in UP, with BJP leaders claiming that Jain was the same person who had launched ‘Samajwadi Perfume’ in SP office recently and was associated with the party. However, the man who launched the ‘Samajwadi Perfume’ is Pushpraj Jain alias Pampi Jain who has been a Samajwadi Party MLC. The SP leaders have also stated that they have nothing to do with Piyush Jain and instead Jain was related to the ruling BJP.
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