India’s biggest IT raid ever!: Who is Piyush Jain? How he collected Rs 257 crore in cash?

In one of biggest cash recovery by CBIC, more than ₹250 crore in cash has been recovered from Kanpur businessman Piyush Jain’s home and factory in Kanpur and Kannauj so far. It took over 36 hours and the help of five machines to count sheer amount of notes recovered from a perfume trader's premises.

How it all started?

IT officials began search operation on the factory premises of Kanpur’s Trimurti Fragrance Private Limited and the office and godowns of Ganpati Road Carriers on December 23. The action later shifted to perfume trader Piyush Jain. He used to supply perfumery compounds.

On December 24, photographs of the raids went viral on various social media platforms, showing stacks of cash stuffed in large wardrobes at the residential premises of Jain in Kanpur.

Then on December 25, cash worth over Rs 257 crore, considerable amount of gold and silver were recovered during a series of raids on the premises owned by Jain. Besides, Over 200 fake invoices used for transportation of goods without GST payment were also recovered.

Piyush Jain was arrested on December 26, on charges of tax evasion. Jain was booked under Section 69 of the Central Goods and Services Tax (CGST) Act. Piyush Jain was arrested after an investigation that lasted over 120 hours.

Who Is Piyush Jain?

Piyush Jain is reportedly from Holi Chowk in Chhapatti locality of Kannauj. Piyush Jain is the owner of more than 40 companies, including two in the Middle East. Apart from this, he also has perfume factory, cold store and petrol pump in Kannauj. Piyush also has a home in Mumbai. Piyush Jain learned the art of making perfumes and edible essences from him father, who is a chemist.