Income tax raids in Odisha yield record ₹290 crore black money

The general public has exhibited a keen interest in the details surrounding the recent Income Tax (IT) raids in Odisha, with many seeking updates as the news continues to unfold. This article seeks to provide comprehensive information on the situation, ensuring our readers are kept abreast of all the latest developments.

The IT Department’s Raids on Boudh Distillery Group

Over two days, a series of raids were conducted by the Income Tax Department at multiple locations in Odisha and Jharkhand. These operations successfully resulted in the recovery of an estimated ₹290 crore, according to reports by PTI, which cited official sources. With this considerable sum, the current operation is touted as the ‘highest-ever’ black money seizure by any Indian agency in a single operation. Counting this massive amount of cash requires a significant workforce, with around forty large and small machines being employed by the tax department. Additionally, extra personnel from the tax department and banks have been enlisted to expedite the counting process.

The Boudh Distillery Pvt Ltd and other entities were the primary targets of these raids spearheaded by the IT department. To accommodate the transportation of the seized funds to state government banks, the department has had to acquire more vehicles. Alongside the raids on the distillery group’s properties, the IT department also reportedly targeted the office of Dhiraj Prasad Sahu, a Rajya Sabha MP from Jharkhand representing the Congress party. However, to date, there has been no official statement from either the Congress MP or the distillery group. Presently, the tax officials are documenting the statements given by various corporate officials and other parties involved. The cash counting operation is projected to conclude by the end of Saturday.

The total amount of undeclared cash expected to be seized is estimated to be around ₹290 crore, according to reports. The IT Department has already seized approximately ₹250 crore in cash, with more black money being deposited in official bank branches in Odisha. The majority of the seized notes are in the denomination of ₹500. The sum seized during these IT raids is the highest recorded by any Indian agency to date. The IT officials have reportedly recovered roughly ₹230 crore in cash from eight to ten almirahs at one of the company’s locations in the Bolangir area. The remaining funds were uncovered in Titlagarh, Sambalpur, and Ranchi, according to sources.