14-day judicial custody for Kanpur trader Piyush Jain

Kanpur -Kanpur-based businessman Piyush Jain has been sent to judicial custody of 14 days on Monday by Kanpur magistrate Yogita Kumar. The trader who was arrested on tax evasion charges has been booked under Section 132A of CGST, as confirmed by Amrish Tandon, the Special Public Prosecutor.

The Ahmedabad unit of Directorate General of GST Intelligence (DGGI) raided Jain’s residence in Kanpur on Sunday. A recovery of Rs 284 crore was made from his residences in Kanpur and Kannauj. On Sunday DGGI arrested Piyush Jain under Section 67 of CGST (Central Goods and Services Tax) Act. The searches had continued into Monday also.

DGGI sources reveal that the searches over Piyush Jain had initiated on Friday. Unaccounted cash of Rs 177.5 crore was seized from Jain’s Anandnagar residence in Kanpur. Additionally, 23 kg gold was also seized from his Kanpur residence. Furthermore, Rs 107 crore was recovered from Jain’s ancestral house in Kannauj. Though the amount recovered is yet to be confirmed by DGGI, the agency has claimed that the cash recovered from Jain’s residences is related to sale of goods on which no tax was paid. The DGGI team had got a case registered against the trader of tax evasion of Rs 31.50 crore. 600 kg of sandalwood oil with a market value of about Rs 6 crore were also recovered.

In Jain’s ancestral house in Kannauj, 18 lockers were found in the raid. Cops said that they also found a bunch of about 500 keys that they tried opening the lockers with. Interestingly, despite having a massive ancestral property, Jain used old and decrepit cars to avoid tax investigations.

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Jain’s lawyer Sudhir Malviya has claimed that the arrest of his client has been made wrongfully, in which he had been detained for over 24 hours. Jain had a business at Kanpur’s Ittarwali Gali, famously known for its perfume trade. During raid the offices in Kanpur, Kannauj and Mumbai the DGGI found papers of about 40 companies through which Piyush Jain is said to have conducted his business and evade tax sleuths.

Taking a dig at the raid recovery, Uttar Pradesh Chief Minister Yogi Adityanath said that it shows why SP and BSP leaders are afraid of the demonetization by PM Narendra Modi. BJP claims that Jain is close to Samajwadi Party, though it has rubbished the claims. Addressing rally at Sitapur, CM Adityanath said, “I had heard, seen and thought that the goddess Laxmi visits us on Deepawali. But these sinners had imprisoned (the goddess) in walls. Didn’t you see in Samajwadi Party leaders’ houses with goddess Laxmi emerging from their walls?”

“Bundle of notes, uncountable bundles of notes, (are) still being counted for the third day with the people counting them (having got) exhausted,” the chief minister said. “Brothers and sisters, now you would have understood why the Bua and Babua had been opposing demonetisation,” he added.