Cops outside the office of Pranami Builders in Ranchi on Wednesday. Picture by Hardeep Singh

The income tax (I-T) department on Wednesday conducted raids at 20 different offices of a Ranchi-based real estate company in a case of unaccounted investment.

Sources said that the I-T team seized around Rs 50 lakh in cash, besides documents related to 25 bank accounts, 22 bank lockers and investments of Pranami Builders Private Limited and its sister concern Parinidhi Builders.

Vijay Agrawal, the proprietor of Pranami Builders, was also quizzed at his office at MR Tower near Kutchery Chowk.

Sources said the raids were conducted after the department received specific information that the realty group had invested around Rs 50 crore in 10 non-existent companies.

Additional commissioner (central range), income tax department, Sandeep Raj said that raids were being carried out simultaneously at 10 different offices of the builders in Calcutta. Some 200 I-T officials are in action in the cities.

“Since raids are going on and it may continue till Thursday, nothing specific can be said about the findings of the team. But yes, huge amount of cash and investment papers were seized,” he said.

In another case, the Kanke Road residence of Samir Lohia, a senior official of Usha Martin that is involved in mining in Jharkhand, was raided.