Patna: After a 70-hour raid, the income-tax department seized over Rs 1.25 crore in cash, around 3kg of gold, other jewellery, and more than 400 documents from the premises of the Purnia-based Panorama Group.The operation began on Tuesday morning and continued till early Friday with officials searching 20 locations across Araria, Supaul and Purnia districts. The raids involved around 200 income-tax officers from Patna, Ranchi and Bhagalpur, with security measures restricting access to outsiders.Officials said the cash was recovered from the company’s main office on District School Road in Purnia. Among the significant recoveries were over 400 documents relating to land and real estate holdings valued at more than Rs 100 crore.The team examined bank accounts, land purchase and sale records, investment documents, laptops and other digital data. Mobile phones and laptops belonging to the group’s CMD, Sanjiv Mishra, and key employees were seized during the three-day operation.Sources said the group had been under surveillance for the past six months. The raids followed detailed reconnaissance and collection of documentary evidence, focusing on the source of funds used in major projects and possible tax evasion.The operation covered various Panorama Group entities, including offices, E-Homes properties, schools and hospitals. “A significant case of tax evasion could emerge once the detailed analysis of the seized documents and digital records is complete. The investigation is ongoing,” officials said.“The group allegedly maintained no proper books or accounts for the 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 appears to have been laundering black money into legitimate real estate assets,” officers said.
