The Income Tax Department recently executed a sweeping Search & Seizure operation on a conglomerate involved in various enterprises, spanning the manufacture and distribution of country liquor, grain-based alcohol, bottling of foreign liquor, as well as operations in the healthcare and education sectors. Conducted on December 6, 2023, this operation targeted more than 30 locations across 10 districts in Odisha, Jharkhand, and West Bengal. The group’s operational center lies within a family based in Ranchi, Jharkhand, one of whom is a Politically Exposed Person residing in the same city.
The meticulous search revealed a plethora of incriminating evidence in the form of documents and digital data. Initial scrutiny of the seized evidence indicated records of undisclosed sales of country liquor, systematic documentation of unreported cash transactions, and traces of unrecorded cash movement within the group’s operations. Key personnel overseeing the group’s business operations confessed that the confiscated cash represents the undisclosed income amassed by the group across its diverse business interests. These revelations were substantiated by a family member deeply involved in the operations.
The investigation brought to light substantial income suppression within the liquor business, signaling a massive evasion of income. The search operation led to the confiscation of unreported cash exceeding Rs. 351 crore and unaccounted-for jewelry valued at over Rs. 2.80 crore. Intriguingly, a significant chunk of the discovered cash, amounting to Rs. 329 crore, was recovered from concealed spaces within obscure and neglected buildings. These concealed stashes were found camouflaged within unoccupied or inconspicuous residences strategically located in remote towns of Odisha such as Sudapada, Titlagarh in Bolangir District, and Khetrajrajpur in Sambhalpur District.
The ongoing investigation aims to delve deeper into these discoveries, seeking to unveil the layers of financial irregularities and unearthing the scope and magnitude of the undisclosed wealth amassed by this multi-business conglomerate.
This extensive operation by the Income Tax Department underscores its commitment to uncovering and tackling instances of financial malfeasance and tax evasion, signaling a strong stand against illicit financial activities that impact the nation’s fiscal health.