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Throwing up the biggest cash haul in the history of India, Kanpur-based businessman Piyush Jain was arrested on charges of tax evasion in December 2021. During a series of raids on the premises owned by him, cash worth over Rs 257 crore as well as gold and silver was recovered. The money was allegedly linked to the dispatch of goods via fake invoices and without e-way bills by a goods transporter.
Directorate General of GST Intelligence (DGGI), Ahmedabad recovered Rs 10 crore more cash from his perfume factory and residence in the Kannauj district in Uttar Pradesh. Unaccounted sandalwood oil, perfumes worth crores were also seized from Jain's factory.
According to the Chairman of the Central Board of Indirect Taxes and Customs, this was the biggest recovery by the agency in history.
On December 27, 2021, Jain was remanded to 14-day judicial custody by a local court after he was arrested under Section 132 of CGST Act.
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