The businessman Piyush Jain is out and about on his old scooter in his hometown of Kannauj. Two cars are parked in front of his house – a Qualis and a Maruti. But the central authorities found out last week that the Kanpur-based perfume maker had hoarded over 200 billion rupees.
Jain was arrested for evading goods and services tax (GST). Officials found 194 billion rupees in cash and 23 kg of gold at his house and factory in Kannauj. Images of a raid on its premises showing officials using banknote counting machines to count piles of bills went viral last week.
The money was allegedly linked to the dispatch of goods via fake invoices and without an e-waybill by a freight carrier.
Piyush Jain learned the art of making perfumes and edible essences from his father, a chemist.
Jain started the perfume business in Kanpur and has expanded it to several parts of the country over the past 15 years. He now has a booming business in Mumbai and Gujarat.
As business flourished, Jain and his brother Ambrish converted their Kannauj home into a 700-square-foot mansion. But the locals say that when Jain gets into town, he is seen on his old scooter and appears to lead a simple life.
In addition to the cash, the authorities also seized gold, silver, undetected sandalwood oil, and crores worth of perfumes from Jain’s residence and factory.
After his arrest, Jain is said to be taken to Ahmedabad for interrogation.