I-T Department seizes Rs 2 crore in raid on businessman’s residence in Bhubaneswar

Bhubaneswar: The Income Tax (I-T) department conducted a raid on Thursday, seizing Rs 2 crore from the residence of a businessman in Odisha’s capital.

The funds were discovered in a printing press located in the basement of Ranjit Jain’s residence in Budheshwari Colony, Laxmisagar area, said sources.

Initial investigations were initiated by GST officials who uncovered a substantial amount of cash during their search, prompting them to alert the I-T department. The raid commenced at 10 am on Wednesday and extended late into the night.

Currently, the businessman and his family members are undergoing interrogation to determine the source of the seized cash. Authorities are particularly interested in whether the funds were intended for utilization during the state elections, given the discovery of political party flexes and banners at the printing press. Additionally, their financial records are under scrutiny as part of the ongoing investigation.