IT Raids At Real Estate Group Properties Recovers Rs 800 Crore Unaccounted Cash Transactions

The Income Tax (IT) Raids conducted at three real estate businesses in Telangana and Andhra Pradesh (A.P.,) led to collection of over Rs. 800 crore, unaccounted money.

The IT Department started their searches on the 5th of January, at more than 24 properties in the two Telugu states. According to the Central Board of Direct Taxes (CBDT,) "More than two dozen premises have been covered in the search operation spread over Kurnool, Anantapur, Kadapa, Nandyal, Bellary, etc.”

According to sources, these real estate businessmen were involved in land development and construction activities in Kurnool and other mofussil areas of Andhra Pradesh and Telangana. During the search, the IT officials seized digital data from a specialised software application and other electronic gadgets.

The IT raids were carried out on information that the three real estate groups were allegedly accepting cash over and above the registered value of the properties.

Meanwhile, the details and identification of the three real estate groups has not been revealed.