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Cash worth Rs 150 crore recovered from UP businessman during IT raid

Cash worth Rs 150 crore has been recovered during Income Tax raids on premises associated with Kanpur businessman Piyush Jain. Jain is originally from Chhipatti of Kannauj and currently lives

Cash worth Rs 150 crore has been recovered during Income Tax raids on premises associated with Kanpur businessman Piyush Jain. Jain is originally from Chhipatti of Kannauj and currently lives in Anandpuri.

The I-T raids, which began on December 23, are still underway at the houses, factory, office, cold storage, and gas outlet in Kanpur, Kannauj, Mumbai, and Gujarat associated with Jain.

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The raids, which were initially conducted under the guise of tax evasion by authorities from the Goods and Services Tax (GST) department, apparently drew in the I-T Department as more details come to the fore. Jain, a perfume trader is said to be close to Samajwadi Party leader Akhilesh Yadav.

Pictures of note-counting machines are scattered on the floor, surrounded by stacks of cash tied in plastic on his properties are going viral on social media. According to officials, Jain owns over 40 enterprises, two of which are located in the Middle East.

“He is mostly in the fragrance business, with a base in Kannauj, and the group maintains a showroom in Mumbai from where perfumes are sold throughout the country and overseas,” officials quoted to IANS.

 

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First Published: 24th December, 2021 15:33 IST

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