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Income Tax Department Raids Odisha Alcohol Distillery, Seizes Rs. 50 Crore In Cash

This highlights the intricate and extensive nature of the ongoing investigation into the financial dealings of Boudh Distilleries Private Limited.

Income Tax Department Raids Odisha Alcohol Distillery, Seizes Rs. 50 Crore In Cash

Income Tax Department Raids Odisha Alcohol Distillery, Seizes Rs. 50 Crore In Cash

In a significant development, Income Tax officials recently undertook extensive search operations at the premises of Boudh Distilleries Private Limited, spanning locations in both Odisha and Jharkhand. The searches yielded substantial amounts of cash at the company’s facilities as of yesterday, prompting an expansion of the investigation. Ongoing searches are now being conducted in offices and residences across Bolangir and Sambalpur in Odisha, as well as in Ranchi and Lohardaga in Jharkhand.

The cash discovered during these operations has reached an estimated Rs 50 Crore. However, the sheer volume of currency notes has posed challenges to the counting process, leading to an interruption in the operation due to malfunctioning counting machines. This highlights the intricate and extensive nature of the ongoing investigation into the financial dealings of Boudh Distilleries Private Limited.

The initiation of these raids was spurred by credible information regarding alleged tax evasion by the company. The Income Tax Department harbors suspicions that Boudh Distilleries has been under-reporting its income and diverting funds through illegal channels. The significant cash seizure further reinforces these suspicions. While the investigation is still in its early stages, the raids have sent shockwaves through the business community in Odisha and Jharkhand.

This development serves as a clear message from the Income Tax Department, signaling its unwavering commitment to tackling tax evasion and other financial crimes. The gravity of the situation, coupled with the substantial cash discovery, underscores the need for a thorough and meticulous investigation into the financial affairs of Boudh Distilleries Private Limited. The outcomes of this inquiry are anticipated to have far-reaching implications for the company and may set precedents in the broader context of financial transparency and compliance.

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