Fake Currency Worth Rs 1 Crore Found During IT Raids on DN Homes

Bhubaneswar: In a significant development regarding the recent Income Tax (IT) raids conducted on DN Homes in Bhubaneswar, officials have uncovered fake currency notes worth Rs 1 crore. The IT department seized a total of Rs 30 crore in cash, and during the counting process, it was discovered that Rs 1 crore was counterfeit. Additionally, cash receipts of Rs 100 crore transactions were found, leading to the questioning of DN Group director Chandrasekhar Panda by IT officials.

In relation to the illegal financial activities of the company, the Enforcement Directorate (ED) will initiate an investigation. The IT officials made substantial seizures, including four suitcases containing Rs 30 crore, bank passbooks associated with the real estate company, and various documents. DN Group, a prominent business firm in the State, is involved in multiple housing projects and malls.

The IT raids on DN Homes have brought to light the presence of counterfeit currency amounting to Rs 1 crore. The IT department seized a substantial sum of Rs 30 crore in cash, along with cash receipts indicating transactions of Rs 100 crore. DN Group director Chandrasekhar Panda is now being questioned by IT officials, while the Enforcement Directorate will examine the company’s illegal financial dealings.

The seizures made during the raids include four suitcases containing Rs 30 crore, relevant bank passbooks, and various documents. DN Group holds a significant position in the State’s business landscape, with ownership of numerous housing projects and malls.