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IT raids conducted in Mumbai, Rs two crore recovered

However, no official seizure was made till late night, reports HT Correspondent.

india Updated: Nov 22, 2006 22:40 IST

The income tax (I-T) authorities on Wednesday conducted raids on developers—Orbit Corporation and found cash of over Rs two crore. However, no official seizure was made till late night.

The raids were conducted at five places in Mumbai including the Aggrawal family's (owners of the company) residences at Gamdevi and Napean Sea Road, and office at Worli. Cash was found in parts at all these places. The group is mainly into redevelopment of old properties.

I-T officers said that the raid would continue on Thursday.

When contacted Pujit Aggrawal, Managing Director of the company said that he was in Singapore. He said that he also heard about some survey at his office and residence, "but I don't know whether it is a raid," he said.

About the cash he said that all that was withdrawn from the bank and was completely accounted for.

First Published: Nov 22, 2006 22:40 IST