Kanpur-based businessman Piyush Jain has been arrested on charges of tax evasion, a senior official said. The perfume industrialist, whose premises were raided by Central agencies, is likely to be taken to Ahmedabad from Kanpur for further action.
The IT raid Piyush Jain's house in Kannauj found about Rs 110 crore in cash and 250 kg of silver and 25 kg gold, News18 reported.. This combined red has been named Operation Big Bazaar.
Surenrda Kumar, Joint Commissioner (Kanpur), Goods and Services Tax, told PTI Sunday night that Jain has been arrested on charges of tax evasion.
Another official, pleading anonymity, said during a series of raids on the premises owned by Jain, 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, he added.