Businessman Piyush Jain has sold perfume compounds to 50 countries
Financial intelligence teams investigating the recovery of around 200 crore rupees from raids in Kanpur-Kannuj have now discovered that perfume and compounds businessman Piyush Jain has ties to 50 countries. The teams also took around 100 samples of compounds that will be sent to the laboratory for testing.
“Around 100 samples of the compounds were taken by financial intelligence teams at Piyush Jain’s premises. He sold the compounds to various foreign clients. Our investigation suggested he had ties in around 50 countries,” said a source.
Sources further said the team recovered some documents suggesting they were sending the compounds to different overseas clients instead of silver and gold. To make the compounds, he would have used to buy different chemicals from different countries.
The team said the chemicals collected from their home came from Iran, France, Germany, Australia, Japan, Kuwait, Indonesia, Nepal, China, the United Arab Emirates and from Teran.
“He has a laboratory on his premises where he made inventions of different compounds. Once the compound was ready, he sold it to his clients around the world and in India. His clients are manufacturers of tobacco, soaps, perfumes. etc. He was selling compounds at exorbitant prices, ”the source said.
The teams are collecting information about its customers and soon they will be invited to join the survey. His Indian clients will be contacted by the team to record their testimonials.
The raid is still going on at various locations.
Piyush Jain was remanded in court after the investigative team said he was not required for questioning.
For now, the teams of the Directorate of fiscal intelligence (DRI), the General Directorate of GST intelligence (DGGI) and income tax are investigating the case. The DGGI is in the process of drawing up a report which will be sent to the Directorate of Execution (ED). It is possible that a money laundering prevention investigation will be initiated by the ED after receiving the report.
atk / dpb
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