Finance Ministry said- Undisclosed cash worth more than Rs 351 crore seized during IT raid on liquor company

New Delhi: The Union Finance Ministry today said that undisclosed cash worth over Rs 351 crore was seized during the Income Tax Department’s raid on a liquor company in Odisha.

According to the ministry, while cash worth more than Rs 351 crore was seized during the central agency’s searches in Odisha, Jharkhand and West Bengal, unaccounted jewelery worth more than Rs 2.80 crore was also recovered.

The Income Tax Department on December 6 conducted a search and seizure operation on a group engaged in the business of manufacturing and selling country liquor, grain-based liquor, bottling of foreign liquor, running hospitals and educational institutions. It is controlled by a family based in Ranchi, Jharkhand. One of the family members of the group is also a politically exposed person living in Ranchi,” ANI quoted the Finance Ministry as saying.

It further stated that a large portion of the cash, amounting to Rs. Rs 329 crore, recovered from obscure and dilapidated buildings, hidden chambers and a hidden safe house disguised as an uninhabited/unknown residence, located in small towns of Odisha including Sudapada and Titlagarh in Balangir district and Khetrajpur in Sambalpur district and were confiscated.