kannauj: Kanpur trader arrested after recovery of Rs 284 crore in cash | Kanpur News

KANPUR: UP businessman Piyush Jain was arrested on Sunday after officials of Directorate General of GST Intelligence (DGGI) found Rs 284 crore of “unaccounted cash” in his Kanpur and Kannauj homes during searches over the past four days.
DGGI sources said Jain claimed during questioning that he got the money—Rs 177 crore in Kanpur and Rs 107 crore kept in his Kannauj house—by selling 400kg of gold he inherited from his ancestors. Investigating officers have also recovered 250 kg of silver and 25 kg of gold from his Kannauj residence. Jain was arrested for evasion of tax and making multiple invoices in the name of fake firms.
“He said he sold the gold in batches over the past many years to small-time jewellers. He went on to say that the money should be returned to him after deducting income tax,” an official said.
Jain said he sold the gold to open new businesses. But tax officials confronted him, saying he had not opened any new firm in the past five years.
Sources said nine drums of sandal oil were found on his premises and bundles of Rs 2,000 notes were recovered from cardboard boxes.
The search teams found the gold and silver in a secret cellar in his Kannauj home, leading to suspicion that more such hidden vaults could be there in Jain’s properties. Experts have been called from Lucknow to help locate such rooms and vaults.

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