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Enforcement Directorate books Kannauj’s perfumer Piyush Jain for money laundering
In December 2021, DGGI had recovered around ₹196 crore and 23kg of gold during raids on Jain’s Kanpur and Kannauj residences and factory.
Enforcement Directorate (ED)’s zonal office in Lucknow on Tuesday registered a case of money laundering against Kannauj’s perfume baron Piyush Jain. The case has been filed under the Prevention of Money Laundering Act 2002. In December 2021, DGGI had recovered around ₹196 crore and 23kg of gold during raids on Jain’s Kanpur and Kannauj residences and factory.
Officials with ED said the case was registered based on the FIR lodged by the Directorate General of GST Intelligence (DGGI), Ahmedabad, and the Directorate General of Revenue Intelligence (DGRI). Sources said that the ED, may also soon carry out multiple raids on other locations and properties associated with Jain. Sources further added that ED could also attach various properties of the accused in the case.
In December 2021, DGGI raided perfume businessman Piyush Jain’s residences and factory. During the raid, around ₹196 crore and 23kg of gold with foreign markings were recovered from residences and the factory of Jain. DGGI had accused Piyush Jain of tax evasion of ₹31.5 crores. After the recovery of gold with foreign markings, DRI also filed a case against Jain. A few days ago, the Allahabad high court granted conditional bail to Jain on charges of smuggling gold. Around 32 gold rods with foreign markings were recovered from Jain’s factory. The price of these rods weighing 23kg, made of 24-carat gold, was estimated to be ₹196.57 crores. Jain allegedly could not produce any receipt for the gold recovered from him. After investigation, a complaint was filed in the court of special CJM Kanpur city
