Lucknow: The recent large-scale cash seizure from the premises of Congress Rajya Sabha MP Dhiraj Sahu echoes a similar incident that occurred in December 2021. During a raid at the residence of Kanpur perfumer and businessman Piyush Jain, Central agencies uncovered nearly Rs 257 crore in cash and documents related to multiple properties.
Details of the Kanpur Raid
The raid, which lasted over 120 hours, involved teams from the Income Tax Department, Central Board of Indirect Taxes and Customs (CBIC), and Goods and Services Tax intelligence (GST) units. The search at Jain’s Kanpur house revealed a staggering amount of cash, gold, and silver. Cash was found hidden in various locations, including sofas, walls, ceilings, and even the staircase.
Teams discovered 18 lockers in a cellar at Jain’s ancestral house in Kannauj, along with around 500 keys used to open these lockers. Piyush Jain, a perfumer, operated manufacturing units in Kannauj and Kanpur. The seized money was allegedly linked to the dispatch of goods through fake invoices and without e-way bills by a goods transporter.
Modus Operandi and Lifestyle
According to sources, Jain frequently changed his watchmen every 1-1.5 years, maintaining a low-profile lifestyle. Despite sitting on a substantial wealth pile, he adopted a minimalist lifestyle to avoid attracting public and tax authorities’ attention. Jain refrained from using lavish cars and drove older vehicles to evade notice. His choice of vehicles included a Toyota car registered in his 15-year-old son Pratyush’s name and a Volkswagen.
Jain conducted his perfume business in Kanpur’s Ittarwali Gali, renowned for the perfume trade, with offices in Kannauj, Kanpur, and Mumbai. During the raid, officials uncovered around 40 companies associated with Jain’s business operations.
In addition to the massive cash seizure, unaccounted sandalwood oil and perfumes worth crores were confiscated from Jain’s factory. Photographs from the raid depicted officials counting large sums of currency notes using note counting machines.
Legal Consequences
Following the raid, Piyush Jain faced charges of tax evasion and was subsequently arrested. However, he was later released on bail. The incident underscores the ongoing efforts by tax authorities to uncover and address instances of large-scale tax evasion and financial irregularities. Investigations into such cases aim to enforce financial transparency and adherence to tax regulations.
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