Income Tax dept raids DN Group in Bhubaneswar over tax evasion charges, Rs 30 cr recovered

The Income Tax Department officials on Wednesday conducted simultaneous raids at 20 places associated with Bhubaneswar-based Real estate and construction company DN Group on the allegations of tax evasion. 

According to sources, the IT department officials are carrying out raids at the residences of the company’s director, staff and office at IRC village in the State capital.

Till the last report came in, the IT department officials reportedly seized Rs 30 crore in cash from the house of a staffer of the company located at Unit-4 in Bhubaneswar.

The team is said to have laid its hands on some important documents of the company during the search, sources informed.

However, no comments could be obtained from the company officials over the IT raid.

Notably, DN Group, which is one of the leading and influential business establishments in Odisha, owns several housing projects and malls at several locations in the State including in Bhubaneswar.