I-T dept recovers more than Rs 50 cr cash after raids on Odisha-based distillery group, others

The Income Tax department recovered more than Rs 50 crore cash after it carried out searches against an Odisha-based distillery company and some linked entities on charges of alleged tax evasion, official sources said on Thursday.

The raids were launched on Wednesday and the department officials have deployed counting machines to ascertain the exact amount of cash that appears to be ''unaccounted'', they said.

Cash worth more than Rs 50 crore has been recovered and the seizures can go up to Rs 100 crore, according to the sources.

It was not clear if the cash was recovered from one or multiple locations.

The searches are being undertaken in the state capital Bhubaneswar, Balangir and Sambalpur apart from Ranchi and Kolkata, the sources said.

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