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Income Tax officials conduct raids at the offices of real estate giant Vamsiram Builders in Telangana

Vamsiram Builders, which captured valuable properties in prime strategic spots like Banjara Hills in the center of Hyderabad, has over 80 high-profile projects to its name in the region.

On Tuesday, the Income Tax Department conducted searches at the residence of promoters of the renowned real estate company Vamsiram builders in Hyderabad, Telangana. The IT officials also raided the office premises of the promoters in Hyderabad, Vijayawada, and Nellore in the neighboring state of Andhra Pradesh.

According to the reports, the Income Tax agency raided the homes of Subba Reddy, chairman of Vamsiram Builders, and his brother-in-law Janardhan Reddy on Road No. 45 in Jubilee Hills. Raids have been launched in as many as 15 locations. Devineni Avinash, currently a member of the YSR Congress party, is also under the scanner. Devineni Avinash’s name has cropped up in shady financial transactions related to a development project.

Vamsiram Builders, which captured valuable properties in prime strategic spots like Banjara Hills in the center of Hyderabad, has over 80 high-profile projects to its name in the region. It has been alleged that the ongoing I-T raids are part of the Central government’s attempt to put pressure on the ruling BRS party ahead of the state assembly elections next year.

The number of I-T raids has increased in the state in recent times. Earlier in November, the residence of BRS Minister Malla Reddy in Hyderabad was also raided by IT officials. The IT investigators also verified Reddy’s tax records and the educational institutions he and his family members possess.

The residence of Minister Gangula Kamalakar was also raided by the ED officials as part of a money laundering probe into an alleged granite fraud. Recently, the CBI also launched the searches, under sections of the Foreign Exchange Management Act (FEMA), at the offices and residential premises of several granite companies and the residence of Telangana Minister Gangula Kamalakar in Karimnagar.

It was reported that illegal funds routed from a Chinese corporation owned by an individual implicated in the leaked Panama Papers to Telangana-based granite enterprises were discovered when the properties of several granite exporters, including minister Gangula Kamalakar, were investigated.

In 2022, many infra companies like Phoenix group, Sumadhura, Vasavi, and Sahithi were also searched by IT officials. Reports mention that the companies raided by the IT officials are believed to be the major financiers of the ruling BRS.

In the current case, the IT officials are looking into the financial transactions of the Vamsiran Builders. As per the reports, the company has undertaken more than 80 projects in two states including the construction of luxury villas and commercial projects. The IT officials are inquiring about the financial transactions of this company.

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OpIndia Staff
OpIndia Staffhttps://www.opindia.com
Staff reporter at OpIndia

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