Counting frenzy after IT seizure yields over ₹ 350 crore
The Hindu
IT dept. in Odisha seized ₹350 crore cash from distillery units. SBI Balangir branch counted ₹305 crore, Titlagarh ₹11 crore & Sambalpur ₹37.5 crore. This is the highest ever cash seizure in a single case. IT officials will connect dots to source of cash from distillery promoters. Union Minister Pradhan said no one involved will be spared.
Authorities estimate that an IT cash seizure in Odisha is likely to be over ₹ 350 crore. The cash was seized by the Income Tax department from distillery units in Odisha.
Simultaneous counting of cash in Odisha’s Titlagarh, Sambalpur, and Balangir came to end on Sunday. The highest cash seizure was made in Sudapada locality of Balangir town where 176 bags containing currency notes of different denominations were traced.
“We have so far counted ₹ 270 crore in Balangir branch of State Bank of India,” Bhagat Behera, Regional Manager of SBI, said on Sunday afternoon. The counting of cash finally ended in the evening taking the count to Rs. 305 crore, SBI sources said.
The Balangir branch of SBI deployed 50 employees and 25 cash counting machines, while 10 machines were kept on standby for uninterrupted counting. In Titlagarh, ₹ 11 crore in currency notes were counted while the figure in Sambalpur branch was ₹ 37.5 crore.
The currency notes clung to each other posing difficulties. The bank had to requisition an air drier to make it fit again for counting. Mildew and frequent counting machine breakdowns further complicated the process.
A SBI employee said, “we have never seen so much cash in our lives. Generally, a branch deals in ₹ 1-2 crore. After a point, the volume of cash did not excite us. They appeared like pieces of paper.” This is probably the highest ever cash seizure made by the Income Tax department in a single case.
The raids are linked to Boudh Distillery, which has been in the business for over 100 years. The Sahu family which is headed by Rai Saheb Baldeo Sahu took the business to great heights. Distillery units in the western Odisha districts of Balangir, Bargarh, Sambalpur and Sundargarh are under IT probe.
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