Producer Kumar Mangat Pathak has announced that he is developing a film titled Raid 2 about the recent Income Tax raids in Kanpur and Kannauj on perfume trader Piyush Jain.

Pathak made the announcement on Tuesday evening during a panel discussion at the three-day Kashi Film Festival in Varanasi.

On Sunday, Jain was arrested following raids at his residence in Kanpur and residence and factory in Kannauj by the Directorate General of GST Intelligence (DGGI). The raid led to the recovery of about Rs 257 crore in cash, 25 kg of gold and 250 kg of silver.

The Finance Ministry, on Monday, called the raid the “biggest ever seizure of cash” by an enforcement agency.

Pathak, known for backing films like Drishyam and Khuda Haafiz, had earlier produced the Ajay Devgn-starrer Raid. The producer had said that while Raid only showed that money can come out of walls too, money actually started coming out of the walls in the recent raids in Kanpur and Kannauj.

Raid, starring Ajay Devgn, Saurabh Shukla and Ileana D'Cruz, was based on the real-life income-tax raid conducted by the officers of the Income Tax Department on Sardar Inder Singh in the 1980s.