Allahabad High Court grants businessman Piyush Jain bail in tax evasion case

Perfume businessman Piyush Jain was granted bail by Allahabad High Court on July 27. However, Jain cannot leave the country without Court’s permission and also has to submit his passport along with a bail bond of Rs 1 crore.

The Directorate General of GST Intelligence (DGGI) had in December last year conducted raids at Odochem Industries being run by Jain, a manufacturer of perfumery compounds.

The DGGI had recovered Rs. 197.49 crore, 23 kg of gold and offending goods of high value have from two premises belonging to him; of the 23 kg, 11 kg gold had foreign mark.

Earlier it was said that the DGGI has decided to treat the cash recovered from the premises of Piyush Jain as the turnover of his company.

It was also stated that after admitting his liability, Jain has, with the approval of DGGI, will deposit a total amount of Rs 52 crore as tax dues and will be freed from all allegations.

It was also learnt that the DGGI department has agreed with the deposition of Piyush Jain and finalised the tax liability accordingly.

However, the DGGI made it clear that there was nothing going like that. The DGGI had refuted all the claims.

"Based on his voluntary admission of guilt and the evidence available on record, Piyush Jain was arrested on December 26 under section 132 of the CGST Act," DGGI had said.