Kanpur Perfume Trader’s Tax Raid Uncovers ₹177 Crore Cash Haul: 27 Officials Deployed for Counting
In one of the biggest cash seizures in recent history, income tax officials discovered an astonishing ₹177 crore during raids at multiple premises linked to Kanpur-based perfume trader Piyush Jain. The massive operation, spanning several days, required an unprecedented 27 tax officials working in shifts to count the mountain of currency notes found stashed across residential and commercial properties.
The raids, conducted by the Income Tax Department’s Investigation Wing, targeted Jain’s perfume business and personal residences in Kanpur and Kannauj. What began as a routine tax evasion probe turned into a sensational discovery when officials uncovered cash-filled sacks, suitcases, and hidden compartments across multiple locations. The sheer volume of money was so overwhelming that specialized counting machines had to be deployed alongside manual verification teams working round-the-clock.
Key Details of the Raid:
Raided: Jain’s residential properties in Kanpur, factory premises in Kannauj (known as India’s perfume capital), and several lockers, ₹177 crore (mostly in ₹500 and ₹2000 denomination notes) Other Assets Found Gold bars, luxury watches, and property documents worth crores. Counting Process: 27 officials worked for 72+ hours to verify the cash using 16 counting machines
Suspected Tax Evasion & Money Laundering:
Authorities suspect the massive cash hoard may be linked to Unreported business income from Jain’s perfume manufacturing and trading operations. Possible hawala connections given the disproportionate cash holdings, Benami property investments detected in preliminary investigations.
The case has been referred to the Enforcement Directorate (ED) for potential money laundering probes under the Prevention of Money Laundering Act (PMLA). Forensic auditors are examining financial records to trace the cash trail.
Industry Context:
Kannauj’s perfume industry, often called “India’s Grasse”, has long been suspected of being a cash-intensive sector prone to tax evasion. The scale of this seizure has raised questions about under-invoicing of exports (Kannauj supplies perfumes to Middle East/SE Asia) Cash transactions bypassing GST norms Possible political/bureaucratic connections given the money’s protection
Legal Ramifications:
Jain faces potential charges under:
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Income Tax Act, 1961 (for tax evasion)
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Benami Transactions Act (if properties are under others’ names)
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GST fraud if fake invoices are discovered
The case has drawn comparisons to the 2016 demonetization-era seizures, though this haul is unusually large for a single individual. Tax officials confirm this is among the top 5 biggest cash seizures in UP’s history.
Broader Implications:
Increased tax surveillance on cash-heavy businesses post-pandemic, Growing inter-agency coordination between IT, ED, and GST authorities. Focus on Uttar Pradesh’s industrial hubs after similar cases in Noida/Lucknow
As investigations continue, authorities are probing whether this case is part of a larger black money network operating under the guise of legitimate fragrance trade. The seizure underscores the government’s intensified crackdown on unaccounted wealth ahead of election season.
