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Humility did not help! Piyush Jain booked for hoarding more than 200 cr


Kanpur-based businessman Piyush Jain, who was arrested by Central agencies for hoarding cash and valuables over 250 crores, was reportedly always seen travelling in an old scooter, and was considered to be a man of extreme simplicity by the locals. There were two cars parked outside his house – a Qualis and a Maruti.


Piyush Jain is a Kanpur-based perfume businessman who used to conduct his business at Kanpur’s Ittarwali Gali and had offices in Kannauj, Kanpur and Mumbai. Piyush Jain learned the art of making perfumes and edible essences from him father, who was a chemist. Jain started the perfume business in Kanpur, and has expanded it to several parts of the country in the last 15 years. As their business flourished, Jain and his brother Ambrish turned their Kannauj house into a 700 sq. yard mansion. IT sleuths had found 18 lockers in a cellar at Jain’s house in Kanauj and around 500 keys during the investigation.

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Cash worth over Rs 257 crore and gold and silver were seized during a series of raids conducted by various central agencies at his premises. The money was reportedly linked to the dispatch of goods via fake invoices and without e-way bills by a goods transporter. Jain has been booked under Section 69 of the Central Goods and Services Tax (CGST) Act.


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