Thursday, December 7, 2023

I-T raids shake Hyderbad

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PNS | Hyderabad

The Income Tax department conducted raids at several places in Hyderabad on Thursday.
Around 100 teams of I-T sleuths searched the premises of industrialists, businessmen and contractors. Searches are on since early morning at their houses and offices.

The I-T department also conducted raids at some chit-fund companies, finance companies and their directors.
The search is on at some premises in areas like Kukatpally, Ameerpet, Shamshabad and Jubilee Hills.The I-T officials are reportedly looking into complaints of tax evasion and are checking records of financial transactions. The I-T sleuths are checking computers, laptops and other digital records.

The residences of Jubilee Hills MLA Maganti Gopinath and his brothers in Kukatpally are reportedly among the places being raided. The homes and businesses linked to entrepreneurs Prasad, Raghuveer, Koteswara Rao and their companies have also come under scrutiny.

The scale of the I-T searches has grabbed considerable attention, especially in the context of the major I-T scam unearthed in Hyderabad in June, involving a staggering Rs 40 crore. Investigation revealed the involvement of eight tax consultants and several employees from the railways and the police.

The current raids appear to be linked to the I-T returns filed by E-commerce company manager Raghuveer over the past five years. Doubts surrounding these returns are being meticulously examined.

Meanwhile, the I-T teams are searching the residence of businessman Maganti Vajranath in Yellareddyguda, as well as the premises of Indu Fortune. The homes of 10 contractors are also being searched in connection with a tax evasion case.

I-T officials have been conducting searches with CRPF protection. I-T searches are also going on at Jeevan Shakti and Pooja Krishna Chit Fund companies in Hyderabad. Searches have also been conducted in several areas like Ameerpet, Shamshabad, Kukatpally, Jubilee Hills and Banjara Hills.

Approximately 40 I-T officials are involved in conducting searches at the Pujakrishna Chit Fund office in Ameer Peta, and the residences of the institution’s owners. Due to the proximity of the chit fund office and the owners’ residence, I-T officials have split into teams to carry out the inspections.

Searches are being carried out in numerous chit funds and financial companies in Shamshabad, Kukatpally, Jubilee Hills, with I-T officials carefully examining files, bank accounts, laptops and computers.

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