5 Things To Know About UP Businessman Who Had Rs 200 Crore Cash At Home

5 Things To Know About UP Businessman Who Had Rs 200 Crore Cash At Home

Rs 17 crore was seized from a factory in Kannauj

He rode a scooter but Kanpur businessman Piyush Jain, who supplied perfume to pan masala makers, was hiding what turned out to be India’s biggest ever cash haul. Over Rs 200 crore in cash and gold was seized from his home and office.

What we know on Piyush Jain:

  1. Rs 194 crore in unaccounted cash was found from Piyush Jain’s home and factory, besides Dubai property documents. Rs 177 crore in wads of cash was found at his home in Kanpur and the rest – 17 crore – was seized from his factory in Kannauj.

  2. In six days of raids, 23 kg of gold worth around 11 crores was found; much of it had foreign markings. The raid teams also found 600 kg of sandalwood oil worth Rs 6 crore in an underground storage at the businessman’s factory.

  3. Piyush Jain and his brother Ambrish Jain learnt perfume manufacturing from their father, a chemist. The brothers’ Odochem Industries thrived after they started selling perfume components to pan masala manufacturers. They got into trouble because they took payments in cash.

  4. The GST intelligence unit, acting on inputs of tax evasion, laid a trap for manufacturers of Shikhar Pan Masala. That is how the trail led to Piyush Jain.

  5. Piyush Jain liked to ride an old scooter and had a Qualis and a Maruti parked outside his home. None of these betrayed the enormous wealth he was hiding in his Kanpur home. 

Assam Press