Bhubaneswar: The Income Tax (I-T) department raided the premises of DN Group, a real estate and construction firm, here on Tuesday on allegations of tax evasion and the raids continued overnight. The raids are still underway at the Postal Colony in Bhubaneswar today.
According to reports, the IT department launched simultaneous raids at 20 places linked to the company across Odisha, including the DN Group’s office and residences of its founder and managing director and senior officials.
It is reported that the I-T officials recovered cash to the tune of Rs 30 crore from a rented accommodation of an employee of DN Group at Postal Colony in the Unit-IV area of the city.
While the IT department is yet to make an official announcement regarding the raid or seizures, reports said that the sleuths recovered four suitcases containing Rs 30 crore and bank passbooks to the DN Group. Several documents were also seized.
It is worth mentioning here that the DN Group is a leading real estate firm in Odisha and owns several housing projects and malls.
