UP trader Piyush Jain, who stashed Rs 187 Crore, arrested

Directorate General of GST Intelligence (DGGI) today arrested UP perfume trader Piyush Jain, after a total Rs 187 crore cash was recovered from his factory and residence. Jain, promotor of Odochem Industries of Kannauj district in Uttar Pradesh, has been arrested under the relevant charges of tax law. A joint team of DGGI and Local Central GST has recovered Rs 5 crores from Jain`s factory, while another Rs 5 crore has been recovered from his residence in Kannauj, official sources told news agency ANI today.

According to officials, after Kanpur, they took Jain to his factory and residence in Kannauj which resulted in a cash recovery of Rs 10 crore.

By Sunday morning the agency recovered a total of Rs of 187.45 crore.

Another source supervising the search told ANI that DGGI has recovered unaccounted raw material and finished product worth crores. Unaccounted sandalwood oil, perfumes worth crores have been seized from Jain`s factory. Interrogation of Jain is on and his statement is being recorded.As per sources, when the DGGI and Local Central GST team reached Jain`s premises on day one of the searches, he ran away and came back after two hours on several calls by investigating officers.

Officials believe that Jain returned back after getting advice from his `associates` and `lawyers` on to what to reveal about the huge cash recovery.

Officials told ANI that Jain is giving unconvincing explanations about the cash recovery.

He said this "cash belongs to his relatives and brothers."

He had taken names of some of his relatives and brothers, but when investigating officers questioned the relatives whose names were taken, they denied Jain`s claims. Officials said that no one from Jain`s relatives came forward to accept his claim. Jain`s brothers have also denied the claim of Piyush Jain.

Officials said that they are trying to get the details of huge cash recovered from the promoter of Odochem Industries. Search is still on in Kanpur and Kannauj and investigation will continue until they find the real beneficiary of the cash seized from the premises of Jain."We want to know the source of such huge cash.