IT Department Officials Continue Raids At Real Estate Businessmen In Hyderabad

The Income Tax (IT) Department officials continued their raids at various locations in Hyderabad, for the second consecutive day.

On the 19th of January, the officials continued their searches at the offices of real estate businessmen in Hyderabad, Telangana. The raids were carried out amid allegations of ‘benami’ (Benami is when someone purchases a property in the name of someone else, mostly an illegal purchase or deal) for a builder and tax evasion. During the searches, the IT officials seized money and documents of the builders, financers who are being searched.

It is to be noted, on the 18th of January, Wednesday, 35 teams of IT officials carried out raids at 50 locations in the Telugu states of Andhra Pradesh and Telangana. 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 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.