Kanpur-based businessman Piyush Jain was arrested on charges of tax evasion on Sunday night more than 40 hours after central agencies raided his premises in what turned out to be arguably the biggest cash seizure in recent times.
Sources said that so far Rs 257 crore in cash has been seized from locations linked to Jain, with more expected to tumble out as the marathon raids continued for the fourth day. The money was allegedly linked to the dispatch of goods via fake invoices and without e-way bills by a goods transporter.
The raids are being carried out by Goods and Services Tax (GST) officials from units in Uttar Pradesh and Gujarat. Jain is likely to be produced in court on Monday and could be taken to Ahmedabad from Kanpur for further investigation.
