BHUBANESWAR: The Income Tax (IT) department on Saturday raided a real estate firm’s office at Sailashree Vihar locality in the city and seized over Rs 22 lakh in cash.
The department had received information that the cash was allegedly stashed by the firm, Stalwarts Projects, for distribution during elections. “Several drawers in the office are yet to be opened. More cash is expected to be recovered as the raids progress,” said sources.
The managing director of the real estate firm has been identified as Sharat Kumar Sahu. The counting of the money recovered from the office so far is on and the seizure could increase in the coming days. Probe is on to ascertain the source of cash, they said.
IT officials also conducted raids at Hotel Stalwart Jajati owned by Sahu. “A close vigil is being kept on illegal movement of cash ahead of elections. Information is also being collected to ascertain if anyone has stashed cash possibly to use it during the polls,” said sources.
The real estate company is currently developing one project each in Patia and Jagmohan Nagar. Sources said Sahu had worked with a nationalised bank for around 17 years before starting his own real estate business.