By Our Correspondent
BHUBANESWAR : Real estate developers , land and plot traders in Odisha were in panic following Income Tax raids at the DN Group, a major real estate firm based in Bhubaneswar, on charges of evading tax. DN Group owns major housing projects and malls at posh areas in Bhubaneswar and outside the city.
The I-T officials started searches in the wee hours of Wednesday. Simultaneous raids are being carried out at seven places in Bhubaneswar including company headquarters at Nayapalli along with 25 other places across Odisha, reports said.
The residences of all staff of the company along with the house of director Jagadish Nayak have also been searched.
As per the latest report, the raiding team recovered Rs 30 crore cash from the house of Chandrasekhar Panda, a close aide of director Jagadish Nayak, at Unit IV area in the State Capital. Huge amount of cash were found kept inside three steel boxes and one suitcase, officials informed.
Some documents including bank accounts are being examined, they added.Till the last report came in, the State-wide crackdown is continuing.
