The Income Tax (IT) Department launched a massive, coordinated raid on the offices and properties of Utkal Builders Limited on Tuesday morning, targeting alleged tax evasion.
A total of 120 IT officers organized into 18 teams began simultaneous inspections at approximately 4 am.
Key locations under scrutiny include the Utkal Builders head office near Maharshi College, projects like Utkal Galleria, Utkal Residency in Simal, Utkal Heights (the state's tallest building), and sites in Unit 4 and Shaheednagar.
The residence of owner Subhash Bhura’s son, Rakesh Bhura, in Shaheednagar is also being searched. Initial reports indicate the discovery of important documents and cash.
Utkal Builders is suspected of having a tax gap of crores of rupees, although the IT Department has not yet issued a formal statement.