Biggest ever cash haul: Things we know about Kanpur businessman Piyush Jain
Kanpur : Kanpur businessman Piyush Jain has been found holding over Rs 200 crores in cash, biggest ever cash haul in India. The cash and gold have been seized from his home and offices at various locations. Here are key points about the cash haul:
Rs 194 unaccounted cash has been found from Piyush Jain’s house, other than Dubai property documents. Rs 177 crore in wads of cash was found at his home in Kanpur and the rest - 17 crore - was seized from his factory in Kannauj.
In a raid that lasted for six days, 23 kg of gold worth Rs 11 crores was recovered. The team also found 600 kg of sandalwood oil worth Rs 6 crores in an underground tank at his factory.
Piyush Jain and his brother Ambrish Jain have learnt perfume manufacturing from their father, a chemist. Their Odochem Industries thrived after they started selling perfume components to pan masala manufacturers. But, the trouble erupted after they started taking payments in cash.
The GST intelligence unit, acting on inputs of tax evasion, laid a trap for manufacturers of Shikhar Pan Masala. That is how the trail led to Piyush Jain.
Piyush Jain could be mostly seen riding a scooter. He owns a Qualis and a Maruti car which cannot define the immense amount of money they could be hiding.