IT Raids Vasudha Pharma Offices In Telangana, Andhra Pradesh

Teams of IT officials conducted simultaneous searches at 50 locations in Hyderabad and in neighbouring Andhra Pradesh.

Representational Image ( Image Source :File Photo )

The Income Tax department on Tuesday conducted searches at the premises of Vasudha Pharma Chemical Limited in Telangana and Andhra Pradesh. Teams of IT officials conducted simultaneous searches at 50 locations in Hyderabad and in neighbouring Andhra Pradesh.

The teams began the searches early in the morning at company headquarters at SR Nagar in Hyderabad. The searches were also on at the premises of Vasudha and sister companies at Madhapur, Jeedimetla and other places.

The I-T officials were also conducting the searches at the residences of the company's CEO, MD and directors

The officials were checking the records relating to the company's income and the transactions with others. The raids came following allegations that the funds were being diverted to real estate business.

Some firms allegedly related to Vasudha are said to be involved in the real estate business. This reportedly came to light during recent raids by the I-T officials on some real estate companies.

The premises of Vasudha Chairman and Managing Director M. Venkata Rama Raju, directors M. Anand, MVN Madhusugan Raju, Prasad Raju were being searched as part of the I-T raids.

Earlier, Income Tax department officials carried out searches at the premises of Mythri Movie Makers, a leading film production house.

Teams of IT officials were conducted simultaneous searches at the houses and residences of the top executives of the firm in Hyderabad. The officials checked the records of the movie-maker to ascertain if the company paid the tax on its income.

The searches were on at 15 places including houses of three producers Yelamanchili Ravi Shankar and Naveen Erneni.

The production house produced some big blockbusters like "Pushpa", "Rangasthalam", "Srimanthudu", "Janatha Garage", "Dear Comrade", "Sarkar Vari Pata", and "Uppena".

The IT officials were believed to be focusing on the financial transactions of the firm in view of the complaints about alleged tax evasion.

(This report has been published as part of the auto-generated syndicate wire feed. Apart from the headline, no editing has been done in the copy by ABP Live.)