Piyush Jain was detained for failing to pay the Goods and Services Tax (GST). At his residence and workshop in Kannauj, officials discovered Rs. 194 crore in cash and 23 kg of gold. 

During Income Tax raids in Kanpur and other locations associated with Jain in Kannauj, Mumbai, and Gujarat, over Rs. 257 crore in cash was discovered.

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Last week, photos of a raid on his facilities went viral, showing officials using note counting devices to tally the stacks of cash bills. It was the largest cash seizure the Central Board of Indirect Taxes and Customs has made in its history (CBIC).

Piyush Jain is a perfume merchant who has been linked to the Samajwadi Party, but what more do we know about him? 

Jain’s lifestyle has been remarkably basic for someone who has accumulated millions of dollars within his home’s walls.

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Jain still rides an ancient scooter in Kanpur, and his home, albeit newly refurbished, was exceedingly modest. He has a Qualis and a Maruti, and his neighbours were taken aback when cash streamed out of his house.

“He was just another businessman in the perfume business and we never imagined that he would have so much cash stacked in his house. He never flaunted his wealth and even his lifestyle was very middle class,” said R.K. Sharma, who lives in the Chippatti locality where Jain also lives.

His father, who is a chemist, taught him how to make perfumes and edible essences.

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In the last 15 years, Jain has grown his perfume company from Kanpur to other regions of the country. In Mumbai and Gujarat, he now has a thriving business.

Jain, 52, was born and raised in Kanpur, where he received his education. He later moved to Kannauj to join his family’s company, while he remained in Kanpur.

According to his acquaintances, he had no political connections or powerful pals.

“We have never seen him visit any politician or political party office. He never claimed to know any influential person either,” one of his associates, who asked to remain anonymous, remarked.

The billionaire owns roughly 40 enterprises, including two in the Middle East, and operates factories, cold shops, and gas stations, among other businesses. He owns a mansion, a head office, and a store in Mumbai where he sells perfumes both in India and overseas.

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In 2007, Piyush purchased the property in Kanpur, Anandpuri, where the raid took place. He, on the other hand, only arrived on rare occasions. Pratyush and Priyansh, Pratyush’s sons, live here. Only a few people were supposed to arrive because of the great wealth in the house. There is no CCTV in the property, but barbed wire fencing surrounds it and is installed on the roofs. The current runs at night in this case. Inside the house, there are black glasses. So no one can see what’s going on inside.

Several media reports suggest Jain’s close link with Samajwadi Party leader Pampi Jain, who had launched the ‘Samajwadi Itr’ in Lucknow last month. However, no proof of such claims have been found.

“The only thing common between the two is that they are both in perfume business, they both live in the same locality and both belong to the Jain community. Pushpraj Jain a.k.a. Pampi Jain is a SP MLC and it was he who launched the ‘Samajwadi Itr’,” said Kunal Yadav, a resident of Kannauj.

In fact, SP officials believe that Piyush Jain’s family is pro-BJP and has consistently backed the ruling party. Chief Minister Yogi Adityanath said on Monday that now he knows why ‘some people’ were opposing demonetisation. “The black money is now coming out of walls,” he said. 

On Tuesday, Prime Minister Narendra Modi took a swipe at the Samajwadi Party, saying the recovery of crores of rupees in cash from a Kanpur-based perfume seller was the opposition party’s “achievement and reality.”

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Samajwadi Party President Akhilesh Yadav however clarified that “this raid should not be linked with SP at all. Piyush Jain has no relation with SP MLC Pampi Jain”.

As a senior official said, “Accumulating so much wealth is not possible without any patronage. As investigations progress, the truth will tumble out. As things stand, Piyush Jain can prepare for a long stint behind the bars and his pleasing perfumes may not be able to make life less unpleasant for him.”

After being arrested under Section 132 of the CGST Act, Jain was remanded in judicial prison for 14 days by a local court on Monday.

“Jain has accepted that the cash recovered from the residential premises is related to sale of goods without payment of GST,” said a GST official.