Remember Piyush Jain? Kanpur perfume trader gets bail in Rs 250 crore cash stash case

New Delhi: Allahabad High Court on Wednesday (July 27, 2022) granted bail to perfume businessman Piyush Jain who was arrested in a case of tax evasion. Piyush Jain can't leave the country without the Court's permission and has to submit his passport along with a bail bond of Rs 1 crore, reported news agency ANI. 

Allahabad High Court granted bail to perfume businessman Piyush Jain on July 27. He can't leave the country without the Court's permission & has to submit his passport along with a bail bond of Rs 1 crore. DRI had recovered around 23kgs of gold worth Rs 196.57 crores from him. — ANI UP/Uttarakhand (@ANINewsUP) July 28, 2022

Jain was arrested on December 26, 2021 after raids at his residence in Kanpur and factory in Kannauj by the Directorate General of GST Intelligence (DGGI) led to the recovery of over Rs 257 crore in cash, 25 kg of gold and 250 kg of silver. 

In December 2021, officials of the Income Tax department and the Central Board of Indirect Taxes and Customs conducted multiple raids at Jain's house in Kanpur's Anandpuri as well as a house and a factory in Kannauj since Wednesday and seized alleged unaccounted cash stuffed in large wardrobes and huge quantities of jewellery.