Who is Piyush Jain, the perfume industrialist arrested for tax evasion?

File image of cash seized from Piyush Jain's residence.

Central agencies on December 27 arrested Kanpur-based businessman Piyush Jain, days after unaccounted cash over Rs 250 crore was recovered in a series of raids by various central agencies at his premises. Jain has been booked under Section 69 of the Central Goods and Services Tax (CGST) Act.

Cash worth over Rs 257 crore and gold and silver were seized during a series of raids, news agency PTI reported quoting sources. The money was reportedly linked to the dispatch of goods via fake invoices and without e-way bills by a goods transporter.

Read | Perfume industrialist Piyush Jain arrested over tax evasion charges

Who is Piyush Jain?

Piyush Jain is a Kanpur-based perfume businessman. As per an India Today report, Jain used to conduct his business at Kanpur’s Ittarwali Gali and had offices in Kannauj, Kanpur and Mumbai.

Reportedly, Jain was arrested after an investigation spanning over 120 hours. The businessman was placed under arrest after being grilled by the authorities for around 50 hours.

IT sleuths found 18 lockers in a cellar at Jain’s ancestral house in Kanauj and around 500 keys, the report said.

Samajwadi Party link?

Uttar Pradesh Chief Minister Yogi Adityanath on December 26 claimed Jain is linked to the Samajwadi Party. The Opposition party has denied the claims.

Addressing a public meeting here, Adityanath said around Rs 100 crore more recovered from the trader today. "For the past two-three days, continuous raids are being conducted on the premises of a person belonging to the SP. Rupees 257 crore in cash and several kilograms of gold and silver was recovered," he said.

"This money belongs to the poor. There is also evidence of how it was looted," he added.