Telangana: Income Tax Department Conducts Raids On Premises Of Two BRS MLAs

The officials are checking the income records of these companies in connection with the alleged irregularities in income tax payments.

The Income Tax (I-T) Department carried out searches on the premises of Bharat Rashtra Samithi (BRS) MLAs P. Shekhar Reddy and Marri Janardhan Reddy on Wednesday in Hyderabad and other places in Telangana. The searches took place under tight security measures at the locations of Bhongir MLA Shekhar Reddy and Nagarkurnool MLA Marri Janardhan Reddy.

According to an IANS report, Shekhar Reddy is involved in various business ventures, including real estate, mining, solar energy, and lithium battery industries, operating under the name of Theertha Group. The company is said to be involved in mining activities in South Africa and has successfully completed numerous residential and commercial projects in Hyderabad and Karnataka.

In addition to the MLAs' premises, Income Tax officers also conducted searches at the locations of two technology companies, where Shekhar Reddy's wife, Vanitha Reddy, holds a directorial position.

A total of 50 teams of Income Tax officials were formed to carry out these searches, targeting multiple premises of real estate companies and their promoters in Hyderabad. The officials are checking the income records of these companies in connection with the alleged irregularities in income tax payments.

Earlier, the I-T department conducted searches at the homes and offices of director-producer Sukumar and production company Mythri Movie Makers in Hyderabad. Sukumar directed films like Pushpa, which featured Allu Arjun, Rangasthalam, and Arya. A team of I-T officials from New Delhi also conducted searches at the residences of promoters of Mythri Movie Makers, including Cherukuri Mohan, Erneni Naveen, and Yalamanchili Ravishankar, in Jubilee Hills.

The production house is being probed for allegedly violating investment restrictions by bringing in funds from abroad twice in less than four months after December 2022. The production house is suspected of having directed funds from abroad and invested in Tollywood to produce several films. The production house allegedly allowed an investment of Rs 500 crore from abroad without following the Reserve Bank of India (RBI) norms. It also allegedly failed to disclose total investments and income sources in their Income Tax Returns (ITRs) filing.