Raids at Indian Industrialist Piyush Jain’s Premises in Kanpur Concludes
Raids on the premises of Indian businessman Piyush Jain, accused of tax evasion, have been concluded, where huge amounts of cash, gold and other precious materials were found. (photos via IANS)
NEW DELHI – The raids on the premises of Kanpur perfume trader Piyush Jain, which started Dec. 22, are over, the Directorate General of Goods and Services Tax Intelligence said Dec. 29.
Several documents, huge amounts of cash, gold and other precious materials were recovered during the searches.
On Dec. 29 morning, Pratyush Jain—son of Piyush Jain—was seen locking the house and leaving with the DGGI team for further interrogation.
Zakir Hussain, the Additional Director of DGGI, said that they have recovered Rs 19 crore more in cash besides gold and other things.
The team was at Jain’s residence at Chhipati Mohalla of Kannuj for the past eight days.
“It is Piyush Jain’s house. This will be closed for few days. His son Pratyush locked the house and he has the key. For the time being we are taking him and will free him after making panchnamas of articles recovered from the house,” said the official.
Notably, the counting of notes was on for the past five days with the help of State Bank of India officials and 20 note counting machines. The notes were put in big cartons and sealed by the team. The financial intelligence teams had to take help of extra laborers and a truck to take the cash to the SBI branch.
A large number of people had gathered outside his house and local police was called to maintain law and order.
“The raid is finally over and we are relieved. Now, we will be busy preparing case-related documents, few of which will be submitted with different agencies, before the concerned courts. A report is also likely to be given to the government,” said the official.
Financial intelligence teams probing the recovery of around Rs 200 crore during raids in Kanpur-Kannuj have now found that Jain has links across 50 countries. The teams have also taken around 100 samples of compounds which will be sent to the lab for tests.
The team said that the chemicals recovered from his house were brought from Iran, France, Germany, Australia, Japan, Kuwait, Indonesia, Nepal, China, UAE and Teran.
“He has a lab at his premises where he used to make inventions of different compounds. Once the compound was ready he used to sell it to his clients across the world and in India. His clients are manufacturers of tobacco, soaps, perfumes and likewise products. He used to sell compounds at exorbitant rates,” a source said.