In a major raid conducted in 2021, the Directorate General of GST Intelligence (DGGI) seized 23 kg of gold from the premises linked to Kanpur businessman Piyush Jain. Following the confiscation, the central government has taken possession of the gold. Piyush Jain’s legal counsel, Amrish Tandon, stated in court that Piyush was unable to provide any legitimate source for the gold.
The Customs Department has imposed fines on Piyush Jain and his company, Odochem Industries. A penalty of Rs 30 lakh each has been levied, along with a customs duty of Rs 4.38 crore for the gold. These actions were taken due to Piyush’s inability to provide legal documentation or payment of taxes for the purchase of the gold.
Additionally, during the raid, officials discovered unaccounted cash amounting to Rs 177.45 crore from Piyush Jain’s residential premises in Kanpur, and an additional Rs 19 crore was recovered from his house in Kannauj. The Directorate of GST Intelligence Ahmedabad and the Directorate of Revenue Intelligence (DRI) Lucknow had filed multiple cases against Piyush Jain, including charges of tax evasion and gold smuggling.
Investigations revealed that the seized gold had foreign markings on it, and Piyush Jain admitted during interrogation that he had purchased the gold without any proper bills or documentation. The payment for the gold was made in cash, circumventing the payment of taxes.
Amrish Tandon further revealed that Piyush Jain had constructed hidden bunkers in his house approximately 10-12 years ago to conceal money and gold. After spending eight months in jail, Piyush Jain was granted bail in September 2022.
The government’s actions in confiscating the gold and imposing fines and penalties highlight their commitment to combatting tax evasion and illegal activities related to gold smuggling. By prosecuting individuals involved in such activities, the government aims to uphold financial integrity and deter others from engaging in similar practices.
