Businessman Piyush Jain travels on his old scooter in his hometown of Kannauj. There are two cars parked outside his house-a Qualis and a Maruti. But the central agency discovered last week that the Kanpur-based perfume maker had stockpiled more than 2 billion rupees.
Jain was arrested for evading goods and services tax (GST). Officials found 194 crore in cash and 23 kilograms of gold in his home and factory in Kannauj. Photos of the raid at his residence last week showed that the number of banknotes counted by officials using the money counter went viral last week.
Allegedly, the money was related to the forged invoices and shipments of goods without electronic waybills by freight forwarders.
Piyush Jain learned the art of making perfumes and flavors from his father, who was a chemist.
Jain started the perfume business in Kanpur and has expanded it to several regions of the country over the past 15 years. He is now doing prosperous business in Mumbai and Gujarat.
With the business booming, Jain and his brother Ambrish turned their Kannauj house into a 700 square meter mansion. But the locals said that whenever he came to town, he would see Jain riding his old motorcycle, seeming to lead a simple life.
In addition to cash, the authorities also confiscated gold, silver, unaccounted sandalwood oil, and perfume worth tens of millions of rupees from Jain homes and factories.
Complete News Source : NDTV
