Cash hoard surpasses Rs 300 crore in IT raids from Odisha-based distillery company

Bhubaneswar:10/12/23: The Income-Tax(IT) department’s ongoing searches against an Odisha-based distillery company, Boudh Distillery Private Limited, have resulted in a cash seizure exceeding Rs 300 crore, according to official sources.

The extensive raids, now in their fifth day since initiation on December 6, are targeting the distillery company, its promoters, and others over allegations of tax evasion and “off-the-book” transactions.

As of now, sources reveal that more than Rs 300 crore in cash has been accounted for, with counting still underway. In previous updates, the counting of seized money had been concluded in Titlagarh and Sambalpur, where Rs 11 crore and Rs 37.50 crore were seized, respectively.

The income-tax department is actively recording statements from executives and staff present at the searched locations. Soon, summonses will be issued to the primary promoters of Boudh Distillery Private Limited for their statements.

Notably, the searches also extended to the premises of Dhiraj Prasad Sahu, a Congress Rajya Sabha MP from Jharkhand, in Ranchi and other locations.