LUCKNOW/KANPUR: The Directorate General of GST Intelligence (DGGI) of Ahmedabad has finally arrested the perfume trader of Kanpur. Piyush Jain 284 crore after recovery of Rs 284 crore from their residences in Kanpur and Kannauj on Sunday. According to DGGI According to sources, unaccounted cash worth Rs 177 crore was recovered from Jain’s house in Anandnagar in Kanpur and Rs 107 crore from his residence in Kannauj, according to sources.
A team of 50 tax officials, comprising units from UP and Gujarat (Ahmedabad), was involved in the search operation. Sources close to the investigation said Jain was taken to a safe house and questioned for several hours. Several questions were put to him but he was not able to satisfy the investigators. An official with knowledge of the investigation said Jain was arrested on charges of tax evasion and making several challans in the name of fake firms.
Sources said that during interrogation, Jain claimed that Rs 284 crore cash recovered from their homes was money deposited after selling 400 kg of gold left behind by their ancestors.
Piyush told the team that it was his money, a senior DGGI official associated with the investigation said on Sunday. “He (Piyush) further said, if you want, you can deduct income tax and return the rest,” the official added.
The officer further said that when asked about the source of the money, he said that the ancestral gold of the house was around 400 kg, which he sold to small jewelers to buy cash.
According to the official, when asked the reason for selling the gold, the trader said that he needs cash to invest in the business. “Piyush said that he has been selling gold in batches to small jewelers for the past several years,” the DGGI official said.
“He was asked that he has not opened any new firm in the last five years. Business did not grow either. There was no new business plan or blueprint of any new business, yet gold was sold. But they had no answer,” said the official.
Meanwhile, to check the veracity of his claims, the investigating officers are engaged in breaking the safes and walls of his ancestral hideout house in Kannauj. Sources said that the agencies have also recovered 250 kg silver and 25 kg gold from Piyush’s Kannauj residence.
Sources in the IT department said that there are 36 people inside the businessman’s house and factory, including officials. GST Intelligence and Income Tax, Nine drums of ‘sandalwood’ oil have also been found here and bundles of Rs 2,000 notes have been recovered from cardboard boxes. Note counting machine has also been found from the businessman’s house.
Meanwhile, sources further said that raids are still going on in the ancestral house in the hidden locality of Kannauj. “Around 4 pm on Friday, a team from DGGI, Ahmedabad, had entered the house along with Pratyush and Pratyush, the businessman’s two sons. priyanshu inside the residence. Since then, the team members are inside the house,” sources added, adding, “The team has so far cut about 15 cupboards, while 20 locks have been broken. The safe was broken with a gas cutter. Till now, information about recovery of Rs 107 crore is being received from the ancestral house.
Meanwhile, a cellar has also been found in Piyush’s residence in Kannauj. The investigation team has also expressed apprehension about some more secret lockers in the walls of Piyush Jain’s house. A team of architects and experts has been called from Lucknow to find out.
During the search, some diaries and bills were also found by the officials. It is being said that there is a mention of buying and selling of raw materials from many firms. Along with this, now the team will contact these firms and check the information recorded in the bill and diary. It is being said that the investigation team has also contacted some people of the city, due to which there is an atmosphere of panic among the people associated with perfume business.
A team of 50 tax officials, comprising units from UP and Gujarat (Ahmedabad), was involved in the search operation. Sources close to the investigation said Jain was taken to a safe house and questioned for several hours. Several questions were put to him but he was not able to satisfy the investigators. An official with knowledge of the investigation said Jain was arrested on charges of tax evasion and making several challans in the name of fake firms.
Sources said that during interrogation, Jain claimed that Rs 284 crore cash recovered from their homes was money deposited after selling 400 kg of gold left behind by their ancestors.
Piyush told the team that it was his money, a senior DGGI official associated with the investigation said on Sunday. “He (Piyush) further said, if you want, you can deduct income tax and return the rest,” the official added.
The officer further said that when asked about the source of the money, he said that the ancestral gold of the house was around 400 kg, which he sold to small jewelers to buy cash.
According to the official, when asked the reason for selling the gold, the trader said that he needs cash to invest in the business. “Piyush said that he has been selling gold in batches to small jewelers for the past several years,” the DGGI official said.
“He was asked that he has not opened any new firm in the last five years. Business did not grow either. There was no new business plan or blueprint of any new business, yet gold was sold. But they had no answer,” said the official.
Meanwhile, to check the veracity of his claims, the investigating officers are engaged in breaking the safes and walls of his ancestral hideout house in Kannauj. Sources said that the agencies have also recovered 250 kg silver and 25 kg gold from Piyush’s Kannauj residence.
Sources in the IT department said that there are 36 people inside the businessman’s house and factory, including officials. GST Intelligence and Income Tax, Nine drums of ‘sandalwood’ oil have also been found here and bundles of Rs 2,000 notes have been recovered from cardboard boxes. Note counting machine has also been found from the businessman’s house.
Meanwhile, sources further said that raids are still going on in the ancestral house in the hidden locality of Kannauj. “Around 4 pm on Friday, a team from DGGI, Ahmedabad, had entered the house along with Pratyush and Pratyush, the businessman’s two sons. priyanshu inside the residence. Since then, the team members are inside the house,” sources added, adding, “The team has so far cut about 15 cupboards, while 20 locks have been broken. The safe was broken with a gas cutter. Till now, information about recovery of Rs 107 crore is being received from the ancestral house.
Meanwhile, a cellar has also been found in Piyush’s residence in Kannauj. The investigation team has also expressed apprehension about some more secret lockers in the walls of Piyush Jain’s house. A team of architects and experts has been called from Lucknow to find out.
During the search, some diaries and bills were also found by the officials. It is being said that there is a mention of buying and selling of raw materials from many firms. Along with this, now the team will contact these firms and check the information recorded in the bill and diary. It is being said that the investigation team has also contacted some people of the city, due to which there is an atmosphere of panic among the people associated with perfume business.
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