Friday, June 14, 2024

IT raids on real estate and pharma firms

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PNS | Hyderabad

Income Tax officials are conducting searches at Rajpushpa, Vertex and Muppa real estate companies, officials conducting raids at more than 50 places in Hyderabad and other places. Officials are also conducting searches at BRS MLC Venkat Ram Reddy’s residence.

IT searches were also conducted in the offices of the Vasudha Group of Companies located in Hyderabad. Inspections are also going on at the houses of Vasudha Group CEO, Directors and Managing Directors and in many areas along with the head office in SR Nagar. More than 40 teams were divided into the company’s offices at Madhapur, SR Nagar and Gidimetla in Hyderabad and participated in IT searches.

Two teams are conducting searches in Vengalarao Nagar and four teams in another corporate office in Madapur. Vasudha Pharma Chairman Venkataramaraj along with director were also searched. There are allegations that he is doing real estate business in the name of Vasudha Pharma.

It seems that around 15 companies are doing real estate business. It has been found that profits from the pharma company have been invested in the real estate sector. During the previous raids on many real estate offices, evidence related to many investments were found and now IT officials are conducting searches based on them.

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