I-T raids on Utkal Builders continue for fourth day; 4 directors interrogated in Bhubaneswar

The Income Tax Department’s raid on the offices and residences linked to Utkal Builders in Bhubaneswar entered its fourth consecutive day on Friday, with marathon questioning of four company directors underway since this morning.

According to official sources, the directors, identified as Rakesh Bhura, Anjana Devi Bhura, Sandeep Kumar Vaid and Amit Vaid, are being interrogated by IT officials in Bhubaneswar regarding alleged large-scale tax evasion.

During the ongoing searches, the IT teams have reportedly seized several incriminating documents along with unaccounted cash amounting to around Rs 2.5 crore. 

Officials said that the raids have uncovered significant evidence pointing towards possible tax evasion and financial irregularities.

The department is also scrutinising property transactions, financial records and shell company links believed to be associated with the real estate group.

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.

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. 

Also Read: Odisha chit fund case: ED raids Green India company owner’s house in Berhampur

Neither the department nor representatives of Utkal Builders have made any public comment regarding the ongoing investigation.