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Businessman Piyush Jain travels in Kannauj, his hometown, on his old scooter. There are two cars parked outside his house. But the central agencies last week found out that the Kanpur-based perfume maker had hoarded over Rs 280 crore.
Unaccounted sandalwood oil, perfumes worth crores have also been seized from Jain's factory, sources said. Raids were also carried out at offices and godowns owned by a transporter - M/s Ganpati Road Carriers, also in Kanpur - after which the action shifted to Piyush Jain's premises. �� Kanpur IT Raid: Perfumer Piyush Jain Arrested After Rs 284 Crore in Cash Found in Raids.
The DGGI team is evaluating the tax evasion figure by matching the sale of the pan masala. An amount of Rs 3.09 crores has been recovered so far towards tax due with Trimurti Fragrance. Sources told that this whole search operation is being held by DGGI's Ahmedabad branch with the support of officers of local Central GST. Kanpur IT Raid: Directorate General of GST Intelligence Seizes Rs 177.45 Crore Cash in Raids on Perfume Company.
Raids at premises linked to Piyush Jain, a Kanpur businessman who is part of the perfume industry, have recovered Rs 150 crore cash, so far, IT department sources said on Friday morning.