Photos: Rs 284 crore seized from perfume trader’s house in Kanpur
According to locals, whenever Piyush Jain used to go to his ancestral home in the hiding area Kannauj, he can be seen riding his old Bajaj Priya scooter. Local people say that he lived a very simple life. He also avoided the use of high-end cars and used to drive in old vehicles to avoid attention.
Jain learned the art of making perfume compounds from his father, a chemist. He started the perfume business in Kanpur and has expanded to other parts of the country in the last 20 years. Now he has a thriving business in Mumbai and Gujarat, Meanwhile, a GST official said that Directorate of Revenue Intelligence Jain’s office and factory premises have been alerted as 23 kg of gold and 600 kg of sandalwood oil, which has a market value of around Rs 6 crore, hidden in a basement, have been confiscated.
Kanpur businessman Piyush Jain arrested on charges of cash worth Rs 300 crore
“Since the recovered gold has foreign marks, the DRI is being apprised about it so that necessary investigation can be done,” he said.
Jain has confessed during interrogation that the cash recovered from his residential premises pertains to sale of goods without payment of GST.
Earlier, Jain had told the central agencies that he got such huge cash by selling 400 kg of ancestral gold.
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