Businessman Piyush Jain was arrested after officials raided his home, described by local media as a “warehouse of money” with cash “spilling out of the walls”.

As well as cash and gold, the assets seized from his home and factory included drums of sandalwood oil worth around £750,000, The Times reports.

One of Mr Jain’s neighbours said: “We knew he was doing well in business but the quantity of notes recovered have left us stunned.”

Another neighbour added: “He never flaunted his wealth and even his lifestyle was very middle class.”