Kanpur (UP): A day after his arrest, perfume trader Piyush Jain was sent to judicial custody for 14 days in a tax evasion case by a district court here on Monday, a senior prosecution official said.
Jain was arrested on Sunday after raids at his residence in Kanpur and residence and factory in Kannauj by the Directorate General of GST Intelligence (DGGI) led to the recovery of about Rs 257 crore in cash, 25 kg of gold and 250 kg of silver, according to another official.
Jain was produced in metropolitan court number 10 amid tight security and the court remanded him in judicial custody for 14 days, joint director (prosecution) Sanjay Kumar Tripathi said.
The businessman was taken to the Kanpur district jail following the district court's order.
He has been quarantined in the jail in view of the COVID-19 pandemic, a senior jail official said.
Prior to being produced in the court, Jain was taken for a medical examination and was also screened for Covid.
He tested negative for the viral infection, said an official who did not wish to be quoted.
Officials of the Income Tax department and the Central Board of Indirect Taxes and Customs conducted multiple raids at Jain's house in Kanpur's Anandpuri as well as a house and a factory in Kannauj since Wednesday and seized alleged unaccounted cash stuffed in large wardrobes and huge quantities of jewellery.
Initially, the seized cash was estimated to be around Rs 150 crore, an official said, adding that after the searches ended, the amount went up to around Rs 257 crore.