Income Tax Department Raids Unveil Rs 351 Crore Unaccounted Wealth in Multi-State Probe
Delhi, 21st December 2023:
In a sweeping operation conducted by the Income Tax Department on December 6, 2023, a group involved in the production and sale of country liquor, grain-based alcohol, bottling of foreign liquor, and management of hospitals and educational institutions across Odisha, Jharkhand, and West Bengal came under scrutiny. More than 30 premises in 10 districts were targeted in this search and seizure operation, shedding light on the family-controlled business headquartered in Ranchi, Jharkhand. Remarkably, one family member is identified as a Politically Exposed Person residing in Ranchi.
The investigation yielded a substantial amount of incriminating evidence in the form of documents and digital data, highlighting unrecorded sales of country liquor, systematic documentation of undisclosed cash receipts, and indications of untraceable cash movements. Key employees responsible for managing the group’s business activities confessed that the seized cash represented the group’s unreported income from its diverse business ventures. This admission was also confirmed by a family member actively engaged in the business. Notably, these revelations suggest a significant concealment of income amassed from the liquor business.
The search operation led to the seizure of undisclosed cash exceeding Rs. 351 crore and unaccounted-for jewelry valued at more than Rs. 2.80 crore. The bulk of the cash, amounting to Rs. 329 crore, was discovered hidden in inconspicuous and rundown structures, concealed chambers, and a safe-house masquerading as an unoccupied or inconspicuous residence in smaller towns of Odisha, notably Sudapada, Titlagarh in Bolangir District, and Khetrajrajpur in Sambhalpur District.
Ongoing investigations are underway as authorities delve deeper into the matter to uncover more details regarding the group’s financial activities and potential irregularities.
