Income Tax officials recently conducted extensive searches at the facilities of Boudh Distilleries Private Limited in both Odisha and Jharkhand. During these operations, large quantities of cash were discovered at the company's premises as of yesterday. The investigation has expanded, with ongoing searches currently taking place in offices and residences across Bolangir and Sambalpur in Odisha, as well as in Ranchi and Lohardaga in Jharkhand.
Officials have counted up to Rs 50 Crore in cash so far. However, the sheer volume of notes has challenged the counting process, leading to the interruption of the operation due to malfunctioning machines. This information highlights the intricate and extensive nature of the ongoing investigation into the financial dealings of Boudh Distilleries Private Limited.
The raids were prompted by credible information about alleged tax evasion by the company. The Income Tax Department suspects that Boudh Distilleries has been under-reporting its income and diverting funds through illegal channels. The massive cash seizure further strengthens these suspicions. Although the investigation is in its early stages, the raids have sent shockwaves through the business community in Odisha and Jharkhand. This serves as a clear message that the Income Tax Department is serious about tackling tax evasion and other financial crimes.