Kanpur-based perfume trader Piyush Jain arrested; cash worth Rs 257 cr recovered

Kanpur-based perfume trader Piyush Jain, whose premises were raided by the Income Tax Department and the Directorate General of GST Intelligence (DGGI) on Friday, has been arrested. He is likely to be taken to Ahmedabad from Kanpur for further probe.

Jain was earlier taken for questioning following raids at his house by a joint team of the IT Department and the DGGI. An official told news agency PTI that cash worth over Rs 257 crore and gold and silver was recovered during a series of raids on the premises owned by Jain.

Ahmedabad unit of the GST intelligence began search operation on the factory premises of Trimurti Fragrance Private Limited and the office and godowns of Ganpati Road Carriers in Kanpur following a tip-off on Thursday. Trimurti Fragrance Private Limited manufactures tobacco products for Shikhar brand whereas Ganpati Road Carriers are involved in transportation of goods.

Over 200 fake invoices used for transportation of goods without GST payment and an amount of Rs 1.01 crore in cash has been discovered from the transporter. The DGGI officials said that the transporter would generate multiple fake invoices in the name of non-existent firms to avoid the generation of e-way bills.
Jain, who is a partner in Odochem Industries in Kannauj, also supplied perfumery compounds with mostly cash transactions.

(With agency inputs)