The unravelling of the ’empire’ of trader Piyush Jain began when DGGI took action in a matter related to non-payment of GST of tobacco and pan masala loaded in four trucks. The trucks belonged to Ganpati Road Carrier and from what they recovered from these vehicles, the DGGI officials reached the Shikhar Pan Masala factory where officials recovered more than 200 fake invoices in the name of the transporter.
Businessman Jain — who was earlier believed to have been associated with the Samajwadi Party — has been making news headlines after a whopping Rs 257 crore was recovered in cash, gold and silver from his offices, houses and factories in search operations conducted by the Central Board of Direct Taxes (CBDT aka income tax department) and DGGI.
Officials had to call for around 20 teller machines and an entire team of SBI officials to count the money which is still being recovered from the businessman.
Jain was leading a low-profile life; he used to ride a scooter and had a hatchback car in the house. How the issues of unaccounted cash were then revealed and the businessman caught is an interesting story as told by the Directorate General of GST Intelligence (DGGI).
The makers of Shikhar Gutkha admitted before the raiding tax officials that they owed tax and deposited Rs 3.09 crore. Meanwhile, the name of another partner of Shikhar Gutkha came to the fore — Odocam Industries — and here’s when the story of Piyush Jain started.
Jain is the owner of Odocam Industries and officials soon raided the company’s registered address in Kanpur, which was Jain’s house in Anandpuri. According to the DGGI’s press release, Rs 177.45 crore in cash was recovered from this house by the officials.
Thereafter, the officials raided the factory and residence of Piyush Jain in Kannauj. The officials recovered Rs 17 crore in cash from the factory, which was still being counted. Along with this, 23 kg of gold and 600 kg of sandalwood oil worth about Rs 6 crore were also recovered. The surprising thing was that all this was hidden in an underground tank.
The businessman, who, the BJP had alleged, had proudly launched a perfume brand for Akhilesh Yadav’s party, was arrested on charges of tax evasion on 26 December more than 40 h after central agencies raided his premises in what turned out to be arguably the biggest cash seizure in the contemporary times.
Meanwhile, a political slugfest over the issue started in Uttar Pradesh, with BJP leaders alleging that Jain had launched ‘Samajwadi Perfume’ in a Samajwadi Party office recently and was associated with the party. However, the man who launched the ‘Samajwadi Perfume’ is Pushpraj Jain alias Pampi Jain who has been a Samajwadi Party MLC. The SP leaders have also stated that they have nothing to do with Piyush Jain and instead Jain was related to the ruling BJP.