Rs 200 crore cash and 23 Kg gold was found during raids on perfume businessman Piyush Jain
Perfume businessman Piyush Jain, whose premises were raided last year and around Rs 200 crore in cash and 23 kg of gold were seized by central agencies, has been released on bail after spending eight months in jail in Uttar Pradesh's Kanpur, officials said.
His arrest just before the Uttar Pradesh Assembly polls had led to a row, with the BJP calling the Kanpur-based perfume trader a "friend" of the Samajwadi Party (SP). But the opposition party had alleged that Mr Jain belonged to the BJP.
"Piyush Jain was released from jail following the release order issued by the special chief judicial magistrate," said Kanpur Jail Superintendent Bidhu Dutt Pandey.
The release permit was issued by the special chief judicial magistrate after Mr Jain's bail plea was accepted by the Allahabad High court last week.
The special chief judicial magistrate directed to file two sureties each of Rs 10 lakh which were made by his family members.
Mr Jain was arrested on December 26 after the raids at his residence led to the recovery of huge cash and other valuables by the Directorate General of GST Intelligence (DGGI).
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