Piyush Jain’s Custody Extended Until Feb 4 in Kanpur Tax Evasion Case Worth Rs 177Cr


In the Kanpur tax evasion case, on January 21, a court in Kanpur extended the custody of arrested perfume merchant Piyush Jain until February 4. Although a bail application was not filed by Jain’s lawyer, Sudhir Malviya, charges of tax evasion were taken. at the office of the Deputy Director of the Directorate General of Trade Intelligence and Statistics (DGGI) in Kanpur on December 27.

The extension follows a tax evasion case against the Kanpur-based perfume trader who was nabbed for cash amounting to around Rs 257 crore and gold were seized during the raids incessant. Documents relating to 16 expensive properties were also found during the raid on the home of Kanpur perfume merchant Piyush Jain.

Piyush Jain tax evasion case

The five-day raids saw the ‘largest seizure’ in the history of the Central Board of Direct Taxes, where Rs 194.45 crore in cash was recovered from the man’s residence and factory. business based in Kanpur. Apart from the considerable cash, DGGI recovered 25 kg of gold and 250 kg of silver as well as 600 kg of sandalwood and finished products (perfumes) worth crores from Jain’s premises in Kanpur and at its factory in Kannauj.

The DGGI informed that Jain admitted that the money recovered was related to the sale of goods without payment of taxes. The agency further stated that the goods were transported using “false invoices”. More than 200 of these false invoices have been recovered.

“Piyush Jain’s statement has been recorded in which he agreed that the money recovered from the residential premises is related to the sale of goods without payment of GST. Evidence collected during searches conducted over the past five days shows the thoroughly investigated to unravel tax evasion,” he said.

Piyush Jain smuggled goods worth Rs 177.45 crores

It is pertinent to note that the total transaction of its three companies considered for the year 2021 is only Rs 21 crore. However, Odochem Industries and Flora Naturale had been supplying goods of Rs. 177.45 crore clandestinely in four years means that they collectively supplied goods of Rs. 45 crore each year without issuing invoices and thus evaded the GST of more than Rs 31.50 crore over the past four year period.

Jain’s arrest memo read: “Although he made clandestine deliveries worth millions to various buyers over a period of only 3-4 years, he feigned ignorance regarding the identity of these goods smuggled by him. He also claimed that he could not recall the names of raw material suppliers from whom his companies manufactured smuggled perfumery compounds.”

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