Piyush Jain, an Indian businessman, gained notoriety for his involvement in evading substantial amounts of taxes. In a significant turn of events in December 2021, his bungalow was subjected to a raid by the Directorate General of GST Intelligence (DGGI) in Ahmedabad, along with the Income Tax Department, resulting in the recovery of over Rs. 257 crores.
PERSONAL INFORMATION
Originating from Anandpuri, Uttar Pradesh, Piyush Jain’s family roots trace back to a business legacy. His grandfather, Phool Chand Jain, was engaged in the textile printing trade. Piyush’s elder brother, Amrish Jain, is recognized as the ‘compound king’ in Kannauj, Uttar Pradesh.
ABOUT
Initially, Piyush worked as a salesman in his father’s soap business in Mumbai. Subsequently, he ventured into formulating compounds for detergents, soap, and later explored creating edible compounds for tobacco products. This journey led him to establish his perfume business in Kanpur, Uttar Pradesh, which he expanded to various cities within India and even abroad. Piyush also initiated several ventures in the Middle East and holds ownership in over 38 companies in India. He co-founded ‘Odochem Industries,’ a chemical manufacturing enterprise in Uttar Pradesh, alongside his elder brother.
Piyush Jain’s predicament began when DGGI’s team seized trucks carrying pan masala cartons with stark discrepancies between their worth and presented bills. Investigations revealed the use of counterfeit bills to evade GST deductions. This incident subsequently implicated Piyush Jain and his brother-in-law, Praveen Jain. The investigation culminated in a raid at Piyush Jain’s bungalow in Kanpur, where an astonishing Rs. 257 crore in cash, documents pertaining to his extensive property holdings, 25 kg of gold, and 150 kg of silver were seized.
The raid also unveiled Piyush Jain’s elaborate precautions against intrusion, including the use of electrified wires along his bungalow walls at night. Despite projecting an image of a modest middle-class life with vehicles like a Toyota Qualis and a Maruti car, Piyush Jain’s financial operations were underpinned by elaborate schemes.
Consequently, Piyush Jain was apprehended by the Kanpur Police in December 2021 and placed in Kanpur Jail’s Barrack Number 15, adhering to the Corona protocol. His neighbors expressed astonishment at the revelations, as he maintained a low profile and abstained from meddling in others’ affairs. The entire episode brought to light a complex web of financial subterfuge, leading to a prolonged and exhaustive investigation process.
