Piyush Jain tax-evasion case: After Kanpur, DGGI seizes Rs 19 cr cash & gold from Kannauj

The Directorate General of GST Intelligence (DGGI) on Wednesday concluded the raids at businessman Piyush Jain's residence in Uttar Pradesh's Kannauj, collecting another Rs 19 crore cash and two more bags of gold, said Additional Director, DGGI, Zakir Hussain. He informed that the gold recovered from Kannauj has been handed over Directorate of Revenue Intelligence (DRI). 

The latest recovery follows incessant raids carried out by several Central agencies at businessman Piyush Jain's properties. The five-day raids saw the biggest seizure in the history of the Central Board Of Direct Taxes, where Rs 194.45 crore in cash was found at the residence and factory of the Kanpur-based businessman. Apart from the hefty cash, the Directorate General of Goods and Services Tax Intelligence (DGGI) recovered 25 kg gold and 250 kg silver along with 600 kg sandalwood and finished products (perfumes) worth crores, from Jain's premises in Kanpur and his Kannauj factory.

Kanpur-based businessman Piyush Jain, who deals in perfumes was arrested on Sunday under Section 67 of the CGST Act after the recovery of unaccounted cash, gold, and sandalwood.

Speaking to ANI, Zakir Hussain said, "We have concluded our 'panchnama'. We have recovered gold, handed it over to DRI, but the probe is on. The gold which was recovered in Kanpur is separate...here, we recovered about Rs 19 crore cash. As per higher officials, this is the biggest cash recovery."

Piyush Jain admits tax evasion

Meanwhile, the DGGI informed that Jain has admitted that cash recovered was related to the sale of goods without payment of taxes. The agency further stated that the goods were transported using 'fake invoices'. More than 200 such fake invoices have been recovered.

"The statement of Piyush Jain has been recorded wherein he has accepted that the cash recovered from the residential premises is related to the sale of goods without payment of GST. The evidence collected during the searches conducted in the last five days is being investigated thoroughly to unravel the tax evasion," it said.

The accused has been sent to 14 days of judicial custody by a Kanpur court in the matter.

Notably, accused Piyush Jain is the brother of senior Samajwadi Party leader Pammi Jain, and allegedly also the manufacturer of the 'Samajwadi Party perfume' which SP chief Akhilesh Yadav had launched recently. 

(With inputs from agency)