The Income Tax (IT) Department on Tuesday carried out extensive search and seizure operations on several properties associated with Utkal Builders, a leading real estate firm based in Bhubaneswar. The action was launched in connection with allegations of large-scale tax evasion and financial irregularities.
Massive Operation Across Bhubaneswar
According to official sources, the coordinated operation began early in the morning and covered multiple locations linked to Utkal Builders — including the company’s corporate office, residences of key directors, and other business sites in and around the Odisha state capital.
A total of 18 teams comprising over 120 Income Tax officials participated in the search. The raids are being conducted under the direct supervision of senior IT officers as part of an ongoing investigation into concealment of income and suspected tax evasion worth several crores of rupees.
Evidence and Preliminary Findings
Sources revealed that the operation was initiated after credible inputs suggested significant discrepancies in Utkal Builders’ financial statements, property transactions, and tax filings. Officials are said to be examining documents, digital records, and property files seized during the raids.
As of the latest update, the searches were still underway. The Income Tax Department has not yet disclosed the total number of properties under investigation or the duration of the operation. However, insiders indicate that the raids span multiple locations across Bhubaneswar and adjoining districts.
Major Enforcement Action in Odisha
This is one of the largest tax enforcement operations in Odisha in recent months, signaling a stronger stance by the authorities against suspected tax evasion in the state’s booming real estate sector.
Further details regarding any potential seizures, financial recoveries, or legal action are awaited.
