Who is Piyush Jain? The Biggest Seizures in History

After conducting searches at several premises linked to Uttar Pradesh businessman Piyush Jain in Ujjain and Kanpur, over Rs 195 crore in cash, 23 kilograms of gold and sandalwood oil worth Rs 6 crore have been seized from by the Directorate General of GST Intelligence (DGGI).

Who is Piyush Jain?

Piyush Jain is a partner of Odocam Industries in Kanpur whose residential premises were searched by officials and seized unaccounted cash worth Rs 177.45 crore and recovered Rs 17 crore in cash from the residential and factory premises of Odocam Industries in Kannauj.

To count such a huge amount of cash, the DGGI officials had to seek help from officials of State Bank of India and their currency counting machines.

The team retrieved 23 kilograms of gold and a huge amount of unaccounted raw material used in the manufacture of perfumery compounds, including more than 600 kilograms of sandalwood oil hidden in an underground storage. The sandalwood oil has a market value of over Rs 6 crore.

The DGGI has roped in the Directorate of Revenue Intelligence (DRI) as the recovered gold has foreign markings.

Ppiyush Jain BusinessOwner of Impact guru
Piyush Jain WifeMrs. Jain
Piyush Jain Net WorthNot Known (Crores)
Piyush Jain SonNot Known
Piyush Jain Famous For150 Crores Income Tax Raid News
Piyush Jain Age40-45 years old (approx)
Piyush Jain HeightIn centimeters- 180 cm approx
In meters- 1.80 m
In Feet Inches-5.11
Piyush Jain WeightIn Kilograms-75kg
In Pounds- 165 lbs
Piyush Jain Birth PlaceChhipatti in Kannauj
Piyush Jain NationalityIndian
Piyush Jain ReligionJainism
Piyush Jain Wikipedia PageNot Known

What did Piyush Jain do?

Piyush Jain is a business man.

Piyush Jain’s Odochem Industries supplied perfumery compounds for Shikhar Pan Masala. When the officials searched the residential and factory premises linked to Jain, they found a huge amount of cash and gold.

The officers seized more than 200 such fake invoices. The manufacturers of Shikhar Pan Masala admitted and deposited an amount of Rs 3.09 crore towards their tax liability.

Why Piyush Jain was Arrested?

After the Investigation, Piyush Jain has accepted that the cash recovered from the residential premises is related to sale of goods without payment of GST. In view of the overwhelming evidence available on record indicating large scale evasion of GST by Odochem Industries, Kannauj, Piyush Jain was arrested on December 26, 2021 for commission of offences prescribed under Section 132 of the CGST Act and was produced before the competent court on December 27, 2021.

What is CGST Act?

CGST stands for Central Goods and Services Tax. It subsumes all the taxes that were earlier applicable as central indirect taxes. They are levied by the central government for intrastate movement of goods and services. It is also known as a destination-based tax.

Intrastate means within one state. The Central Goods and Services Tax Act 2017 states that CGS applies to the whole of India except Jammu and Kashmir.

Actually, on intrastate movement, both Central Goods and Service Tax and State GST are applicable. CGST revenues go to the central government and SGST revenues go to the respective state government.

FAQ and Answers on Piyush Jain

Who is Piyush Jain Kanpur?

Piyush Jain is a perfume businessman lived in Kanpur who was recently arrested for commission of offences prescribed under Section 132 of the CGST Act and was produced before the competent court on December 27, 2021. He used to conduct his business at Kanpur’s Ittarwali Gali and had offices in Kannauj, Kanpur, and Mumbai. According to media reports, to avoid being in the limelight, the businessman used an old scooter back at his native place Kannauj.

Who is the owner of Impact guru?

Piyush Jain is the Co-Founder, CEO and owner of Impact guru.

How does Impact Guru make money?

The company Impact Guru charges an average of 8% of total funds raised as to its fees with 5% directly being net revenue. It charges additional fixed fees for premium services such as digital marketing, video, content support. ImpactGuru offers various packages that one can opt for fundraising.