Businessman Piyush Jain travels in Kannauj, his hometown, on his previous scooter. There are two vehicles parked outdoors his home – a Qualis and a Maruti. However the central businesses final week came upon that the Kanpur-based fragrance maker had hoarded over Rs 200 crore.
Jain has been arrested for evasion of Items and Providers Tax (GST). Officers discovered Rs 194 crore in money and 23 kg gold at his residence and manufacturing unit in Kannauj. Footage of a raid at his premises, displaying officers utilizing notice counting machines to rely the heaps of forex notes went viral final week.
The cash was allegedly linked to the dispatch of products by way of faux invoices and with out e-way payments by a items transporter.
Piyush Jain realized the artwork of creating perfumes and edible essences from him father, who’s a chemist.
Jain began the fragrance enterprise in Kanpur, and has expanded it to a number of elements of the nation within the final 15 years. He now has a booming enterprise in Mumbai and Gujarat.
Because the enterprise flourished, Jain and his brother Ambrish turned their Kannauj home right into a 700 sq. yard mansion. However the locals say that every time he involves city, Jain is seen on his previous scooter and appears to guide a simplistic life.
Together with the money, authorities additionally seized gold, silver, unaccounted sandalwood oil, perfumes price crores from Jain’s residence and manufacturing unit.
After his arrest, Jain is predicted to be taken to Ahmedabad for questioning.