Income Tax Department Conducts Extensive Raid on Panorama Group in Bihar
In a major enforcement action, the income-tax department has concluded a 70-hour raid on the premises of the Purnia-based Panorama Group, resulting in significant seizures. The operation, which spanned from Tuesday morning to early Friday, led to the confiscation of over Rs 1.25 crore in cash, approximately 3 kilograms of gold, various pieces of jewellery, and more than 400 documents.
Wide-Ranging Search Across Multiple Districts
The raids targeted 20 locations spread across the districts of Araria, Supaul, and Purnia in Bihar. A team of around 200 income-tax officers, drawn from Patna, Ranchi, and Bhagalpur, executed the searches with stringent security measures that restricted access to outsiders. The cash was primarily recovered from the group's main office situated on District School Road in Purnia.
Key Recoveries and Investigative Focus
Among the most notable recoveries were over 400 documents related to land and real estate holdings, with an estimated value exceeding Rs 100 crore. The investigative team meticulously examined bank accounts, records of land purchases and sales, investment documents, laptops, and other digital data. Mobile phones and laptops belonging to the group's Chairman and Managing Director, Sanjiv Mishra, as well as key employees, were seized during the three-day operation.
Sources indicate that the Panorama Group had been under surveillance for the past six months. The raids were initiated following detailed reconnaissance and the collection of documentary evidence, with a specific focus on the source of funds used in major projects and potential tax evasion. The operation covered various entities within the Panorama Group, including offices, E-Homes properties, schools, and hospitals.
Allegations of Tax Evasion and Black Money Laundering
Officials have stated that a significant case of tax evasion could emerge once a detailed analysis of the seized documents and digital records is completed. The investigation is currently ongoing. According to officers, the group allegedly maintained no proper books or accounts for cash inflows, operating on a trust-based system where profits were shared in cash, through property exchanges, or other off-the-books means.
The primary focus of the investigation appears to be on laundering black money into legitimate real estate assets. This practice raises serious concerns about financial transparency and compliance with tax regulations. The income-tax department's actions highlight ongoing efforts to curb illicit financial activities in the region.
The extensive nature of this raid underscores the department's commitment to tackling tax evasion and ensuring accountability in business operations. As the investigation progresses, further details are expected to emerge regarding the scale and methods of the alleged financial irregularities.
