Hoarder of 257 crores Piyush Jain rides a scooter in his hometown

• Image Credit: Internet

• Dec 27, 2021 | Deleted

Digital Desk: Businessman Piyush Jain usually avoids swanky cars and vehicles; rather, he rides in a scooter in Kannauj, Uttar Pradesh. He owns two cars, one Maruti and another a Qualis. But the central agencies found out that the businessman had hoarded a hefty sum of 257 crores. 

Jain has been arrested for evasion of goods and service tax (GST). Officials found over ₹ 257 crores in cash at his home and factory in Kannauj. 

A joint team of the Income Tax and the Directorate General of GST Intelligence conducted a raid at Piyush Jain’s Kanpur house last week. The raid lasted for over 120 hours. Although Piyush Jain was in Delhi at the time of the raid, he was called to the site and arrested after 50 hours of interrogation by the police. 

Cash amounting to nearly Rs 257 crore and gold were seized during the raid. Documents about 16 expensive properties were also found during the raid at Kanpur perfume trader Piyush Jain’s house. Four of these properties are in Kanpur, 7 in Kanauj, 2 in Mumbai, and 1 are in Delhi. In addition, two properties have been traced in Dubai.

Jain runs perfume-manufacturing units in Kannauj and Kanpur. He started his business 15 years ago and has expanded it to many parts of the country. The money was allegedly linked to the dispatch of goods via fake invoices and without e-way bills by a goods transporter.

Piyush Jain changed his watchmen every 1-1.5 years, according to sources. However, at his bungalow in Anandpuri, Piyush Jain had employed only two watchmen at Rs 7,500 per month. 

As the business gained momentum, Jain and his brother turned their Kannauj house into a huge mansion. However, according to locals, he is seen on his old scooter whenever Jain comes to town and seems to lead a simplistic life.