Financial intelligence teams probing the recovery of around Rs 200 crore during raids in Kanpur-Kannuj have now found that perfume and compound businessman Piyush Jain has links across 50 countries. The teams have also taken around 100 samples of compounds which will be sent to the lab for tests.
"Around 100 samples of compounds have been taken by the financial intelligence teams from the premises of Piyush Jain. He used to sell the compounds to different foreign clients. Our probe has suggested that he has links in around 50 countries," said a source.
Sources further said that the team has recovered a few documents which suggest that he used to send the compounds to different foreign clients in lieu of money and gold. To make the compounds he reportedly used to buy different chemicals from different countries.
The team said that the chemicals recovered from his house were brought from Iran, France, Germany, Australia, Japan, Kuwait, Indonesia, Nepal, China, UAE and Teran.
"He has a lab at his premises where he used to make inventions of different compounds. Once the compound was ready he used to sell it to his clients across the world and in India. His clients are manufacturers of tobacco, soaps, perfumes and likewise products. He used to sell compounds at exorbitant rates," the source said.
The teams are gathering information about his clients and soon they will be asked to join the probe. His Indians clients will be contacted by the team to record their testimonies.
The raid is still underway at different places.
Piyush Jain was remanded to judicial custody by a court after the probing team said he wasn't required for interrogation.
As of now the Directorate of Revenue Intelligence (DRI), Directorate General of GST Intelligence (DGGI) and Income Tax teams are probing the matter. The DGGI is making a report which will be handed over to the Enforcement Directorate (ED). There are possibilities that a prevention of money laundering probe will be initiated by the ED after getting the report.