IT raid on DN group in Bhubaneswar continues on day 2

Bhubaneswar: The Income Tax raid on DN group of companies is still continuing on day two. It is worth mentioning that the raid was continuing all night long.

The money that was confiscated from Postal Colony in Bhubaneswar is still being counted by the Income Tax Department. The Director of the company Chandrashekhar Panda has not been able to explain the source of the huge amount of cash that had been seized yesterday.

The IT Department had seized cash to the tune of as much as Rs. 30 Crore from the house of  Chandrashekhar Panda the Director of DN Group of Companies.

It is worth mentioning that, the Income Tax Department had conducted raids on DN group in Bhubaneswar, said reliable reports on Wednesday.

According to reports, the IT department has conducted raids in 20 places in connection with the Real estate company DN Group.

The IT department officials have raided the residence and offices of the company’s director, staff and office at IRC village in Nayapalli area of Bhubaneswar. As much as Rs 30 crore in cash has already been recovered from the house of a company employee.

The IT team has also found certain important documents relating to the company’s accounts, said reliable reports.

Further detailed reports awaited in this matter.