Perfume trader Piyush Jain gets bail after 8 months, DGGI raid at his premises had found over Rs 196 crores cash and 23 kgs of gold

Perfume trader Piyush Jain gets bail after 8 months, DGGI raid at his premises had found over Rs 196 crores cash and 23 kgs of gold

Perfume trader Piyush Jain, who was jailed after a raid at his premises unearthed over Rs 196 crore and 23 kg of foreign gold in Kannauj and Kanpur, was finally released on bail after 254 days. Though his release was to take place two days ago, he could come out of jail on Thursday, September 8, 2022, due to a delay in the verification of documents.

After the court’s order, his wife and son submitted bonds of ten lakh each. The verification of the same was expected to complete on Tuesday.

On December 23, 2021, a team of Directorate General GST Intelligence (DGGI) and the Income Tax Department raided perfume trader Piyush Jain’s Kanpur residence in Anandpuri and a firm in Kannauj. Over Rs 196 crore was recovered from the two places in the four-day raid. Also, 23 kg of foreign stamped gold and 600 liters of sandalwood oil were recovered. Piyush Jain was booked in two cases and sent to jail on December 27. In one case, bail was granted by the lower court earlier. Piyush Jain got bail in the second case a few days ago.

The trial court had ordered the release of perfume businessman Piyush Jain in exchange for two bonds of Rs 10 lakh each. After this Piyush’s wife Kanta Jain and son Priyansh Jain had filed an FD (Fixed Deposit) of Ten lakh rupees each. The court had ordered the verification of the FD on Friday. Former district government advocate Piyush Shukla said that the report was sent to the court after verification on behalf of the bank on Tuesday, after which Piyush Jain’s release was expected on Wednesday.

The Directorate General of GST Intelligence (DGGI), and the Income Tax department conducted raids on the premises of a Pan Masala manufacturer, perfume empire owner, and a transporter on 23rd December 2022. ₹19 crores in cash and 23kg of gold were found in the modest-looking home in Kannauj, while ₹177.45 crores were found hidden in his grand house in Kanpur. The authorities had to take the help of SBI for machines and manpower to count all those ₹500 and ₹200 notes.

This content was originally published here.

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