Phoenix Group Chairman Suresh Chukkapalli is rumoured to have close links with the Telangana Rashtra Samithi.
Published Aug 23, 2022 | 7:08 PM ⚊ Updated Aug 23, 2022 | 7:09 PM
The Income Tax officials in Hyderabad have been conducting raids in the premises of real estate company Phoenix Group on Tuesday.(Creative Commons)
Income Tax Department officials in Hyderabad conducted raids on the premises of the Phoenix Group on Tuesday.
The corporate conglomerate’s Chairman Suresh Chukkapalli is rumoured to have close links with the Telangana Rashtra Samithi, which is currently in power in the state.
According to initial information, the raids started at 4 am, with around 200 income tax officials, at its main office in Banjara Hills.
Raids were also conducted in Madhapur, Jubilee Hills, and Moosapet in the city, including at the residence of the chairman himself, Managing Director Gopikrishna, and others.
The realty-major group is known for owning prime lands that were earlier owned by the state government or its agencies.
Recently, the I-T Department also conducted raids at two real-estate companies in the state: the Vasavi and Sumadhura Groups.
The raids at real-estate companies in the state come ahead of the Munugode bypolls. These companies have close links with TRS leaders, who have reportedly invested in these real-estate firms.
The TRS has a record of spending massive amounts during elections, including bypolls, such as the Huzurabad byelection in October 2021, after former Minister Eatala Rajender resigned from the Cabinet and joined the BJP. Rajender won the election on the BJP ticket, defeating the TRS candidate.
As per the sources, these I-T raids are being conducted in the state to cut the possible source of money for the TRS, which is preparing for not just the Munugode bypoll, but also the 2023 Assembly election and the 2024 general elections, even as the BJP looks to gain more ground in Telangana.
