On the 18th of January, Wednesday, the Income Tax (IT) Department officials carried out raids at 50 locations in the Telugu states of Andhra Pradesh and Telangana.
The multiple IT raids targeting real estate and film financiers were launched amid the allegations of tax evasion, confirmed IT Department sources. Approximately 35 teams of IT officials started the raids at various locations in the two Telugu states.
According to sources, Aditya Construction owner Mr. Madhav Reddy’s residence and office locations are being searched in Hyderabad. Besides IT officials, the Banjara Hills Police also reached the spot and are helping the IT Department teams in the search. Besides tax evasion, Mr. Madhav Reddy is also alleged to be a ‘Benami’ (Benami is when someone purchases a property on the name of someone other, mostly an illegal purchase or deal) for a builder.
Besides Aditya Construction, the IT officials are searching residences and offices of Oorjita Project Private Limited directors Mr. Srinivas Reddy and Mr. Veera Prakash.
Furthermore, properties and real estate businesses in areas such as Lodha Apartment, Jubilee Hills, Gachibowli, Kondapur and Panjagutta in Kukatpally are also being searched by the officials.
The searches at all the locations are underway.
Mango News Link
Telegram: https://t.me/mangonewsofficial
Google Play Store: https://bit.ly/2R4cbgN
Apple / iOS Store: https://apple.co/2xEYFJ
