IT raids on Odisha’s liquor baron Bikram Sahoo continue for 2nd day, Rs 7 crore cash seized

The Income Tax (IT) Department on Friday intensified its operations for a second day in a row at liquor magnate Bikram Kishor Sahoo’s properties in Angul, Odisha. A sweeping investigation is being conducted across 15 different premises connected to Sahu in an effort to probe alleged tax evasion activities.

 Meanwhile, Sahoo remains in custody under tax authorities after he was detained at his residence in the Karadagadia area as part of the ongoing investigation. 

As per early reports, authorities have discovered a significant amount of cash, approximately Rs 7 crore, at one of Sahoo’s properties. Reports indicate that substantial sums have also been unearthed at other locations.

Also Read: IT raids multiple locations in Odisha; tax evasion, liquor deals on radar

Diverse Business Interests: 

Bikram Sahoo, is known for his diverse business interests that extend beyond the liquor industry. One of his recent acquisitions includes a prime hotel in Puri, procured just six months ago for a reported sum of Rs 35 crore. He also owns another hotel in Angul, along with operations of a liquor depot and a petrol station.

Widespread Raids Across Multiple Locations: 

The ongoing raids span multiple locales, including Talcher, Kamakhyanagar, Paralakhemundi, Puri, and Bhubaneswar, amidst allegations of tax evasion against Sahu. As of yet, the Income Tax Department has not released an official statement on the proceedings.