I-T raids on Revanth, kin properties yield Rs 1 crore cash

I-T raids on Revanth, kin properties yield Rs 1 crore cash
28/09/2018 , by , in News/Views

Searches by income tax sleuths unearthed alleged shady investments, tax evasion in real-estate projects and bogus companies linked to Telangana Congress working president A Revanth Reddy, a vocal critic of chief minister K Chandrasekhar Rao.

Stepping up the heat, I-T personnel swooped down on various business concerns and properties, including residences owned by family members of Revanth Reddy in Banjara Hills, Jubilee Hills, Kokapet and Kodangal and seized documents. Searches yielded around Rs 1 crore in cash, gold and diamond jewellery that are yet to be valued.

Sources in the income tax department said searches were conducted on Sri Sai Mourya Estates and Projects, Bhupal Infrastructure Private Limited, KLSR Infratech Private Ltd, Max Infra India and North Star Homes and residences of Revanth, his brother-in-law Sudini Jayaprakash Reddy and brothers A Kondal Reddy and A Krishna Reddy.

According to sources, Mourya Estates and Properties did a large number of real estate transactions in Gandipet sub-registrar office limits and sold land worth crores of rupees, but failed to file returns.

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