Income Tax department seizes Rs 290 crore in Odisha, raids going on
The Income Tax Department continued its raids for the third day on Friday against an Odisha-based liquor manufacturing company on charges of tax evasion. The Income Tax Department has so far recovered unaccounted cash worth Rs 290 crore in searches against Odisha-based Boudh Distillery Private Limited and companies linked to it.
These income tax raids are suspected to be India’s biggest cash recovery. So far, Rs 290 crore in cash has been seized during raids in the three states since yesterday. Sources said the amount would go up as more cash is pending and the authorities have received intelligence inputs on more places where the cash was stashed.