I-T raid on Utkal Builders: Cash worth lakhs seized in Bhubaneswar, lockers to be opened today

The Income Tax Department has seized Rs 92 lakh in cash during a major search operation at the residence of a director of Utkal Builders in the Saheed Nagar area of Bhubaneswar.

The raid, which began on Tuesday, is part of a wider investigation into alleged large-scale tax evasion by the real estate group. Sources informed that I-T sleuths have also seized two sealed lockers linked to the firm will be opened today as the search continues.

Searches Conducted Across Odisha and West Bengal

According to reports, simultaneous raids were carried out at 14 locations connected to Utkal Builders, with 11 of those being in Odisha and three in West Bengal. The coordinated operation involved 18 teams comprising around 120 officers from the Income Tax Department.

The searches began as early as 4 am and continued through the day under the supervision of senior officials.

Sources said the raids targeted the company’s corporate office, residences of key directors, and associated business establishments in and around Bhubaneswar. The department’s teams also visited sites in Kolkata, believed to be linked to the group’s financial transactions.

Cash Seizure and Examination of Records

During the searches, officials recovered unaccounted cash amounting to Rs 92 lakh from a house in Sahid Nagar. In addition, several property-related documents, digital records, and files were seized for examination. Two lockers identified during the operation are scheduled to be opened today in the presence of tax officials.

The department suspects large-scale concealment of income and irregularities in the firm’s financial statements. Investigating teams are currently scrutinising the recovered materials to trace possible tax evasion running into several crores of rupees.

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Investigation Continues

As of now, the Income Tax Department has not disclosed the total duration of the search or the overall quantum of assets under verification. Neither the department nor representatives of Utkal Builders have made any public comment regarding the ongoing investigation.