Piyush Jain travels on an old scooter. On paper, he is a small town perfume maker in Kannauj who hardly makes two ends meet. He learned the art of making perfumes and edible essences from his father, who is a chemist.
A recent Goods and Services Tax raid at his house unearthed ₹ 250 crore cash at his house and factory. There were two cars parked outside his house – a Qualis and a Maruti. After his arrest, Jain is expected to be taken to Ahmedabad for questioning. He actively does business in Gujarat and Mumbai.
Jain is always seen to have a simplistic life. He always drives a scooter but he made huge money through the dispatch of goods via fake invoices and without e-way bills by a goods transporter.
According to officials, Piyush Jain has around 40 companies, including two in the Middle East. “He is mainly into the perfumery business with its base in Kannauj, while the group owns a showroom in Mumbai from where perfumes are sold all over the country and abroad,” the officials said.
During the raid, it also came to fore that the company took loans in the name of shell companies. The company’s foreign transactions are also huge.
An I-T official, meanwhile, said, “Documents related to income and tax are being scrutinised. The process of counting currency notes is still going on with the help of SBI officials. It may get concluded by Friday. It is proposed to seize it for further in-depth investigations.