IT Dept raids Utkal Builders in Bhubaneswar over large-scale tax evasion allegations

The Income Tax (IT) Department on Tuesday conducted extensive raids on multiple premises linked to Utkal Builders, one of the most prominent real estate firms in Bhubaneswar, in connection with alleged large-scale tax evasion.

Sources reported that the searches began early this morning and were carried out simultaneously at several locations associated with the group, including its corporate office, residential premises of key directors, and other business sites in and around the state capital.

'18 Teams Comprising 120 Officials'

As per preliminary reports, a total of 18 teams comprising over 120 officials and officers from the Income Tax Department have been deployed for the coordinated operation.

The searches are being carried out under the supervision of senior IT officials as part of an ongoing investigation into suspected concealment of income and evasion of tax running into several crores of rupees.

Large-scale Financial Irregularities Alleged

Sources stated the action was launched after the department received credible inputs suggesting large-scale discrepancies in financial records and possible tax irregularities in Utkal Builders’ transactions.

As of the latest reports, officials are currently examining documents, digital records, and property-related files seized during the raid.

The Income Tax Department has neither disclosed the duration of the search operation nor the number of properties under scrutiny, but sources indicated that it spans across Bhubaneswar and adjoining areas.

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The large-scale team deployment is among the largest tax enforcement actions in the state in recent months. Sources added that the searches were still underway, and further details on possible seizures or recoveries are awaited.