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. But the central agencies last week found out that the Kanpur-based perfume maker had hoarded over Rs 250 crore.
Jain has been arrested for evasion of Goods and Services Tax (GST). Officials found over Rs 250 crore in cash at his home and factory in Kannauj. Pictures of a raid at his premises, showing officials using note counting machines to count the heaps of currency notes went viral last week.
The money was allegedly linked 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 him father, who is a chemist.
Jain started the perfume business in Kanpur, and has expanded it to several parts of the country in the last 15 years. He now has a booming business in Mumbai and Gujarat.
As the business flourished, Jain and his brother Ambrish turned their Kannauj house into a 700 sq. yard mansion. But the locals say that whenever he comes to town, Jain is seen on his old scooter and seems to lead a simplistic life.
Along with the cash, 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.