ED raids real estate company 'Z' offices, director's residence in Odisha

The Enforcement Directorate (ED) on Saturday conducted simultaneous raids on the offices and residence of real estate company 'Z' director over illegal foreign currency transactions.

According to sources, the ED is conducting raids at 11 places associated with the real estate company.

The ED action came after allegations of illegal transactions and large-scale investments with the help of forex deposits for years surfaced, sources informed.

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Sources mentioned large amounts of hard cash were seized from ‘Z’ estate offices in Acharya Vihar and Z One apartment in Patia areas of Bhubaneswar.

Investigations are being carried out on seized documents. bank passbooks, statements, investment papers, and foreign exchange records in both paper and digital forms are being scrutinized by the Enforcement Directorate team.

Sources of income, origin of transaction initiation points, and contacts through which forex transfers took place are being inquired of by the agency.

Meanwhile, the possibility of influential people being associated with the ‘Z’ estate group in enabling illegal transactions is also being probed.

Notably, the ED is carrying out the raids in a highly sensitive and undisclosed manner. Furthermore, extreme caution is undertaken to minimize any chances of evidence tampering.

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No comments could be obtained from company officials regarding the raid by the Enforcement Directorate.