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I-T officials search premises of industrialists, chit fund and e-commerce companies in Telangana

The sleuths of the I-T department conducted raids in the state in connection with various financial transactions and tax payment issues.

BySouth First Desk

Published Oct 05, 2023 | 4:46 PM ⚊UpdatedOct 05, 2023 | 4:46 PM

Income Tax Department office in Hyderabad. (Official Website)

After a gap of more than three months, the sleuths of the Income Tax (I-T) department conducted searches at the residences and offices of industrialists, chit fund companies, and an e-commerce company in Telangana early on Thursday, 5 October. The searches were carried out in connection with various financial transactions and tax payment issues.

Accompanied by the personnel of Central Reserve Police Force (CRPF), the I-T sleuths searched the premises of Puja Lakshmi, who is the owner of Puja Chit Fund Company apart from Jeevan Shakti eCom Company and industrialists Arikepudi Koteswara Rao, Maganti Vajranath and railway contractor Vara Prasad in Jubilee Hills, Kukatpally and Shamshabad.

Manganti Vajranath is the brother of Jubilee Hills BRS MLA Maganti Gopanath.

Also read: I-T raids on 2 BRS MLAs, 1 MP over ‘irregularities in tax payment’

100 teams conduct searches

The I-T department formed separate teams that fanned out at different locations in twin cities to carry out the searches.

As many as 100 teams conducted searches that continued till late afternoon. Crucial documents related to various financial transactions, bank documents, laptops, and computers were seized for detailed examination.

It is learnt that a few teams also searched the premises of DMK MP S Jagathrakshakan along with a few hotels and hospitals in Chennai.

At a time when the politicians are busy making preparations for the upcoming Assembly elections in Telangana, Thursday’s I-T raids have prompted them to exercise more caution while conducting cash transactions.

Also read: I-T raids at Mythri Movie Makers offices, house of director Sukumar

Earlier raids

In mid-June, 2023, the I-T department searched the premises of two BRS MLAs and an MP to find out irregularities in tax payments.

The department conducted raids to find out the alleged violations committed by the three ruling party elected representatives in their respective businesses.

The raids were conducted at over 50 locations in the state capital, especially in the western part of Hyderabad and its suburbs, and seized crucial documents for detailed verification.

The sleuths mainly focused on the gap between the company’s revenues and the I-T returns filed during the financial year. The department has also verified the bank account details of the two MLAs along with the lockers.