Bhubaneswar, Jan. 19: Vigilance officers today conducted raids at the residences and office of a deputy general manager (DGM) of the Odisha Industrial Infrastructure Development Corporation (Idco), who is alleged to have amassed property disproportionate to his known source of income.

The officers conducted raids simultaneously at three different places in the city and at one place in Bhadrak. The accused has been identified as Basudev Panigrahi, DGM finance, Idco.

Amita Dash, superintendent of police vigilance, said four teams conducted the raids.

“We raided a four-storey building at Niladri Vihar, a single-storey house at Mancheswar, his office and parent’s house in Bhadrak,” said Dash.

The four-storey building at Niladri Vihar that Panigrahi owned was estimated to cost Rs 1.94 crore. The building has been rented to a private engineering college for setting up a hostel.

The house at Mancheswar industrial area was built on a 7,000 square feet plot. Vigilance sources said Panigrahi had got this plot from Idco in his son’s name to set up a poultry farm. Instead, he built a house. The house is valued at more than Rs 21 lakh.

The vigilance officers also found a bookshop being run by his son at Chandrasekharpur.

“We could not estimate the cost of the bookshop. It will take some time to calculate the value of this shop,” said a vigilance officer.

Idco provides land and infrastructure for setting up industries and growth centres. Panigrahi had been working there since its inception in 1981. He had joined Idco as an accountant.

Dash said the value of his property calculated today was more than Rs 2.28 crore, including all his moveable and immovable properties.

Panigrahi owned a Wagon R and two motorcycles. He also owned two plots in the city, but the value of those could not be estimated as they were under litigation, said a vigilance officer.

Panigrahi, however, said he did not own any illegal property.

“I had a house at Laxmi Sagara, which I sold. I also took a loan. With this money I bought this property. In my 30-year career, I have never resorted to illegal means to acquire wealth,” said Panigrahi.