During the Income Tax (IT) raids at Vamsiram Builders premises in Hyderabad, Nellore and Visakhapatnam (Andhra Pradesh,) the officials seized gold and unaccounted cash.
According to sources, during the three days raid, 50 teams of IT officials seized 220 kg of gold and huge amount of cash. The raids were carried out at the Managing Director of Vamsiram Builders, Mr. B. Subba Reddy and other officials of the company. In addition, relatives of Mr. B. Subba Reddy were also raided amid tax evasion allegations in Hyderabad and Andhra Pradesh.
The IT officials reportedly seized the metal and cash from the lockers in the eight locations spread across the city. The teams also reportedly recovered several land documents from the residence of Janardhan Reddy, son in law of Subba Reddy. Approximately 22 account books, which supposedly contain the details of hidden cash and transactions related to construction projects, were also seized.
The sleuths of IT also found details of transactions in hotels and firms, which were started in the last four years, reportedly.
The officials also seized agreement documents, which contained details of sleeping partners who invested money in the Vamsiram Group but weren’t mentioned in the audit report.
IT officials also tried to recover the emails and messages alleged to be related to suspicious transactions.
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