Kanpur-based businessman Piyush Jain, whose premises were raided by central agencies, has been arrested on charges of tax evasion, a senior official said.
The perfume industrialist is likely to be taken to Ahmedabad from Kanpur for further action, he said.
Surenrda Kumar, Joint Commissioner (Kanpur), Goods and Services Tax, told PTI Sunday night that Jain has been arrested on charges of tax evasion.
Another official, pleading anonymity, said during a series of raids on the premises owned by Jain, cash worth over Rs 257 crore as well as gold and silver was recovered.
The money was allegedly linked to the dispatch of goods via fake invoices and without e-way bills by a goods transporter, he added.
Check out latest DH videos here
Deccan Herald is on WhatsApp Channels| Join now for Breaking News & Editor's Picks