March 21, 2023

Uttar Pradesh: Perfume businessman Piyush Jain would ride old scooter, 4-wheelers, lead simple life | Kanpur News – Times of India

KANPUR: Piyush Jain — the perfume businessman who hoarded Rs 284 crore — used to ride a scooter and travel in old four-wheelers.
Two four-wheelers — a Toyota Qualis and a Maruti — were found parked outside his house in Kanpur in UP.

Kanpur businessman Piyush Jain arrested after Rs 300 crore cash haul

Kanpur businessman Piyush Jain arrested after Rs 300 crore cash haul

According to locals, whenever Piyush Jain visited his ancestral home in Chhipaiti area of Kannauj, he could be seen riding his old Bajaj Priya scooter.
He used to lead a very simple life, they said.
He also avoided using high-end cars and used to drive in old vehicles to avoid attention.
Jain learned the art of making compounds of perfumes from his father, who is a chemist.
He started the perfume business in Kanpur, and expanded to other parts of the country in the past 20 years.
He now has a flourishing business in Mumbai and Gujarat.
A GST official, meanwhile, said that Directorate of Revenue Intelligence has been alerted as 23 kg gold and 600 kg sandalwood oil having a market value of about Rs 6 crore, hidden in a cellar, was seized from Jain’s office and factory premises.
“As the gold recovered is having foreign markings, DRI is being apprised about the same so that necessary investigation could be carried out,” he said.
“Jain during questioning, however, has confessed that the cash recovered from his residential premises is related to sale of goods without payment of GST,” he said.
Earlier, Jain had stated before the Central agencies that he procured such a huge cash by selling 400 kg of ancestral gold.
Piyush Jain sent to 14-day judicial custody
Jain, who had allegedly stashed Rs 284 crore unaccounted cash at his various premises, was sent to jail in 14-days judicial custody by the remand magistrate of Kanpur court where he was produced by the Directorate General of GST Intelligence (DGGI) team on Monday.
Piyush has been arrested under Section 132 of the CGST Act.
Remand magistrate, Yogita Kumar, in her order observed that application of judicial custody remand moved by senior intelligence officer DGGI Zonal unit Ahmedabad was allowed and the objection on remand was rejected.
Earlier, senior intelligence officer DGGI Zonal unit, Ahmedabad had moved an application before the remand court and had pleaded that the alleged accused should not be granted bail till computation of the investigation was not over and might be remanded to judicial custody.

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