Wednesday, July 3, 2024

UP Businessman Piyush Jain, Who Hoarded Over ₹ 200 Crore, Rides A Scooter

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Piyush Jain has been arrested for evasion of Goods and Services Tax after authorities found ₹ 194 crore cash at his house and factory.

New Delhi: 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 ₹ 200 crore.

Jain has been arrested for evasion of Goods and Services Tax (GST). Officials found ₹ 194 crores in cash and 23 kg gold 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 his 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.

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